Jack Dorsey, CEO of Block, has officially confirmed that the company is working on enabling Bitcoin payments through its Square terminals and Bitkey. In a recent interview with Bitcoin News, Dorsey emphasized that Bitcoin must transition from being a mere store of value to a widely used currency for everyday transactions. He warned that if Bitcoin fails to find practical payment use cases, it risks becoming irrelevant in the long run.

Bitcoin's price has dropped by 1.8%, currently trading at $83,078 with a market capitalization of $1.6 trillion. Manna Bitcoin Wallet founder Adam Simecka criticized Dorsey's remarks, pointing out that despite his advocacy for Bitcoin payments, Block has yet to implement them on Square or Bitkey. Simecka argued that the integration should be a simple process, yet it has not been executed. In response, Dorsey clarified that while it is not as simple as flipping a switch, the team is actively working on making Bitcoin payments a reality.

Dorsey's commitment to Bitcoin extends beyond just payments. His company Block launched Bitkey, a Bitcoin hardware wallet, in December 2023. Additionally, Block’s Cash App generated $66 million in profit from Bitcoin sales, while overall Bitcoin revenue for the firm surged by 37% year-over-year in Q4 2023, reaching $2.52 billion. With Bitcoin integration on the horizon, Block’s ecosystem could play a crucial role in pushing mainstream Bitcoin adoption.