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Jack Dorsey's Block Doubles Down on Bitcoin Mining, Abandons 'Web5'

Jack Dorsey takes a bigger bet on bitcoin infrastructure.
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Nov 8, 2024 • 1 min read

Jack Dorsey is ramping up his investments in Bitcoin mining while scaling back his "Web5" initiative at his company Block.

What's the Scoop?

  • Bullish on Bitcoin: Dorsey's payment company, Block, is shifting its focus toward Bitcoin mining by developing mining hardware which will join his suite of Bitcoin products like their Bitcoin wallet, Bitkey
  • Vision: Following Trump’s election victory and his pro-Bitcoin mining stance, Dorsey is betting on Bitcoin as a key part of Block's future.

Bankless Take:

Though Trump's pro-Bitcoin remarks might seem to be Dorsey's main motivation, there could be more behind this move. The post-election stock surge suggests investors are factoring in inflation expectations, which may be driving Dorsey's interest in Bitcoin mining as a hedge. With investors seeking assets that preserve value amid inflation, Bitcoin could soon see an influx of capital as a store of wealth.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

Published in Bankless

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