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International Business Times
International Business Times
Business
Marvie Basilan

El Salvador Inspired? Jack Dorsey's Block Unveils New Monthly BTC Buying Strategy

Block Jack Dorsey Bitcoin El Salvador Cash App Square fintech Michael Saylor Nayib Bukele
Block's Jack Dorsey says the company will start purchasing Bitcoins on a monthly basis. (Credit: Kostenlose Bilder mit KI/flickr)

KEY POINTS

  • Block will implement a monthly strategy of purchasing Bitcoin using 10% of its profits
  • The company held over 8,000 BTC as of late March, as per the shareholder letter
  • The strategy was revealed a day after a scathing report that alleged Block's key units had compliance lapses

Financial technology (fintech) firm Block has announced a new Bitcoin strategy following the company's better-than-expected first-quarter 2024 earnings result, and it has similarities to El Salvador's strategy, though on a slower scale.

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