Block: The company's bet on Bitcoin is long-term

According to Block Inc.'s CFO and COO Amrita Ahuja, the company's investment in Bitcoin has allowed it to better understand this potentially "disruptive" technology. The company's bet on Bitcoin is long-term. We are optimistic that future funds can flow as quickly as the internet, and Bitcoin is the most likely competitor to realize this vision because it is resilient, battle-tested, and secure. Ahuja stated that consumers who are least served often pay the highest fees for accessing and transferring funds, but Bitcoin could change this reality. Block founder Jack Dorsey recently wrote in a letter to shareholders that Bitcoin could create a fair competitive environment for companies like his and global consumers, noting that less than 3% of the company's resources were allocated to projects related to Bitcoin. Earlier this year, Block announced it would invest 10% of its monthly gross profit from its bitcoin products into purchasing cryptocurrency.