Jack Dorsey and Bitcoin in 2025: How Block Is Trying to Turn BTC Into Everyday Money

Bitcoin is back in the political and payments spotlight, and few people sit closer to the action than Jack Dorsey. As of December 4, 2025, the Block and former Twitter (now X) CEO is using his payments empire, his policy clout and even his messaging apps to push one core idea: Bitcoin should be money, not just an investment.

While Bitcoin trades around the mid‑$90,000 range after a volatile year, Dorsey is doubling down on a long‑running thesis that BTC will be the “native currency of the internet” — and building products to make that believable in daily life. ^[1]

1. Dorsey’s Bitcoin mission in 2025

On Block’s official “Bitcoin at Block” hub, the company lays out its strategy in unusually blunt language: it calls Bitcoin “the best technology we have for a native currency of the internet” and says its goal is to make BTC “everyday money.” ^[2]

A few key datapoints from Block’s own disclosures:

More than 24 million active Cash App customers have bought Bitcoin since 2018.
Roughly one in four Bitcoin payments on Cash App runs over the Lightning Network, Bitcoin’s fast, low‑fee layer‑two rail. ^[3]

Around that core, Block has built a full Bitcoin stack:

Cash App: buy, sell, send, get paid in BTC; paycheck auto‑invest into Bitcoin.
Square: in‑store and online Bitcoin payments using existing Square hardware.
Bitkey: a self‑custody wallet with multi‑sig security and no seed phrase.
Proto: open, modular Bitcoin mining hardware.
Spiral: open‑source Bitcoin development (including Lightning Development Kit). ^[4]

In short, Dorsey isn’t just a high‑profile Bitcoin influencer. Block is one of the most Bitcoin‑centric large public companies in the world.

2. Zero‑fee Bitcoin payments for millions of Square merchants

The biggest 2025 move so far is on the merchant side.

In October and November, Block began rolling out Bitcoin payments for more than 4 million Square sellers, starting in the U.S. The feature lets merchants accept BTC at checkout via their existing Square terminals and online stores, with several options: ^[5]

Instant Lightning payments: near‑instant, low‑fee settlement using the Lightning Network.
Flexible settlement: merchants can keep incoming payments in BTC, auto‑convert some or all to dollars, or sweep to external wallets.
Built‑in wallets: a dedicated Bitcoin wallet inside the standard Square dashboard.

To kick‑start adoption, Block is waiving processing fees on Bitcoin payments until the end of 2026, with a 1% fee scheduled from January 1, 2027 — significantly below typical card rails, which often cost 2.5% to 3.5%. ^[6]

If this works, millions of small businesses will have had two years to experiment with Bitcoin payments at essentially zero marginal cost. For Bitcoin, long criticized as “digital gold” instead of a currency, this is one of the strongest real‑world tests yet of everyday usage at scale.

3. The December 4, 2025 news: Block, Circle and an “on‑chain” payments race

Today’s fresh angle comes from American Banker, which profiles how Circle and Block are repositioning themselves after the U.S. GENIUS Act created a national framework for stablecoins and other digital assets. ^[7]

Key takeaways from the December 4 article:

Block is leaning harder into Bitcoin than into stablecoins. Executives reiterate Dorsey’s long‑held view of BTC as the internet’s “native currency,” even as they acknowledge growing demand for stablecoins in international payments. ^[8]
Block supports stablecoins but has no plans to issue its own. Instead, it’s integrating regulated third‑party stablecoins where customers demand them, especially for cross‑border remittances and B2B flows. ^[9]
The company recently launched a feature for sellers to accept Bitcoin and a Cash App map showing BTC‑accepting merchants, explicitly tying together the consumer (Cash App) and merchant (Square) sides of Block’s ecosystem. ^[10]

For banks, the message is blunt: fintechs like Circle and Block are racing to own the “on‑chain” payments stack, combining crypto rails, AI and massive user bases. For Dorsey, it’s confirmation that Bitcoin can sit at the center of that stack, even in a world where stablecoins also thrive.

4. Tax battles: making Bitcoin “everyday money”

Dorsey knows software alone won’t turn Bitcoin into a coffee‑money standard. The tax code matters just as much.

In October, he used the rollout of Square’s Bitcoin payments to amplify a policy demand: a de minimis tax exemption for small BTC transactions in the U.S. ^[11]

From recent reporting and Dorsey’s own posts:

He’s backing proposals to exempt Bitcoin transactions under $300 from capital gains tax, with an annual cap around $5,000 — echoing a bill championed by Senator Cynthia Lummis. ^[12]
The idea is simple: you shouldn’t have to calculate capital gains for a bus ticket or a latte. Right now, every BTC spend is a taxable event in the U.S., a major brake on practical use.
Block’s own policy page explicitly calls for “unlocking a tax barrier for small‑dollar bitcoin transactions” so BTC can function as a medium of exchange, not just a store of value. ^[13]

Other jurisdictions — including Germany, Portugal and the UAE — already offer friendlier treatment for low‑value crypto payments, and Dorsey regularly points to them as competitive pressure on U.S. policymakers. ^[14]

In other words, the “zero‑fee” experiment is only half the story; the other half is a regulatory push to make low‑value Bitcoin spending legally painless.

5. A billion‑dollar balance sheet and a new mining business

Behind the scenes, Block has quietly become one of the largest corporate holders of Bitcoin.

In Q2 2025, filings showed the company added 108 BTC, bringing its stack to 8,692 BTC, valued at over $1 billionat the time. ^[15]
By the end of Q3 2025, Block held about 8,780 BTC, and reported roughly $1.97 billion in Bitcoin revenue for the quarter — about a third of total sales. ^[16]

Q3 earnings themselves were soft enough that Block’s stock sold off, but the company emphasized:

Bitcoin revenue remains a major line item within Cash App.
Its Proto mining initiative generated its first revenue, selling ASICs, hashboards and rigs, with management positioning it as Block’s “next major ecosystem” over time. ^[17]

That combination — recurring Bitcoin revenue, a sizable BTC treasury and a mining arm — gives Dorsey enormous skin in the game. If Bitcoin succeeds, Block benefits through fees, capital gains, and hardware sales; if it fails, the firm will have spent years building on the wrong monetary standard.

6. Stablecoins come to Cash App — without dethroning Bitcoin

For years, Dorsey resisted adding altcoins to Cash App, insisting on a “Bitcoin‑only” stance. That changed in 2025.

Bloomberg and others report that Block has begun supporting regulated dollar stablecoins in Cash App, a pragmatic concession to users who want dollar‑denominated digital money for savings and payments without volatility. Commentators framed the move as Dorsey “capitulating” to the rise of stablecoins and the post‑GENIUS Act regulatory environment. ^[18]

However, the December 4 American Banker piece makes two important nuances clear: ^[19]

Block does not plan to issue its own stablecoin. It prefers to integrate external, regulated tokens.
Its long‑term bet remains Bitcoin — especially for censorship‑resistant and cross‑border use cases. In domestic U.S. commerce, stablecoins are a feature; globally, Bitcoin is the strategic anchor.

So rather than abandoning Bitcoin maximalism entirely, Dorsey is carving out a layered view: stablecoins for fiat‑like experiences where needed, Bitcoin as the neutral base money and long‑term store of value.

7. “Bitcoin is not crypto”: drawing a hard line

In October, Dorsey ignited a fresh online firestorm by posting “bitcoin is not crypto” and “bitcoin is money” on X. ^[20]

A recent analysis of those comments breaks down what he’s actually arguing:

Bitcoin has no issuer, fixed supply and proof‑of‑work security; most “crypto” tokens rely on company treasuries, admin keys, or governance structures that can change the rules.
Lumping everything into one “crypto” regulatory bucket leads to one‑size‑fits‑all rules on tax, marketing and custody that don’t fit Bitcoin’s design.
If Bitcoin is treated as money instead of as a speculative token, it becomes easier to justify lighter treatment for small payments, merchant accounting and self‑custody. ^[21]

Square’s zero‑fee roll‑out is basically the product counterpart to that tweet: if you’re going to insist Bitcoin is money, you have to make it behave like money at the checkout counter.

8. BitChat and the fight for open protocols

Dorsey’s Bitcoin push isn’t limited to finance. He’s also backing BitChat, a decentralized messaging app that uses technologies like Nostr relays and geohash‑based “location chat” to let users communicate without central servers — and in some cases, without an internet connection at all. ^[22]

Recent updates to BitChat include:

Location‑based channels, where the world is divided into geohash‑driven regions and users get fresh pseudonyms based on where they “are.”
Routing over decentralized relays, inspired by Nostr, rather than a single corporate backend.
A stated goal of becoming an “open chat layer for the internet.”

At the Africa Bitcoin Conference, Dorsey tied this directly to his critique of Big Tech and AI: he argued that people “unknowingly work” for social media and AI companies for free — every like and share feeds proprietary algorithms — and warned that users can be “replaced” as soon as the companies choose. ^[23]

His answer is to “own the protocol layer”: in communications (BitChat, Nostr) and in money (Bitcoin and Lightning). Both are meant to be user‑controlled networks, not corporate walled gardens.

9. Is Jack Dorsey Satoshi Nakamoto? The rumor that won’t die

In late November, Investopedia and other outlets revisited an old conspiracy theory: could Jack Dorsey be Satoshi Nakamoto, the pseudonymous creator of Bitcoin? ^[24]

The renewed speculation came after Block’s Investor Day, where an analyst asked Dorsey directly. His answer was evasive but on‑brand:

“The most beautiful thing about bitcoin is that question does not matter at all anymore.”

Analysts promoting the theory point to:

Dorsey’s technical ability to write code in Bitcoin’s core language.
An early wallet address whose pattern allegedly hints at his name and a former address.
The fact that Satoshi’s first post on BitcoinTalk was on November 19 — Dorsey’s birthday. ^[25]

Dorsey has denied being Satoshi in past interviews, and there is no hard evidence tying him to the original whitepaper or early mining activity. For now, the “Dorsey = Satoshi” meme is best treated as a curiosity — entertaining for investors, but irrelevant to Bitcoin’s function, and not something regulators or serious analysts rely on.

10. Price, predictions and the road to $1 million

Any time Jack Dorsey talks about Bitcoin, the conversation eventually turns to price.

As of December 4, 2025, Bitcoin is trading around $93,000, down sharply from its October all‑time high above $126,000 but still massively higher than pre‑ETF levels. ^[26]

In this environment:

Jack Dorsey has publicly said he expects Bitcoin to exceed $1 million by 2030, linking that view to ecosystem growth and adoption. ^[27]
Other high‑profile bulls, including Cathie Wood and Michael Saylor, share similarly aggressive targets, often citing scarcity, ETF inflows and corporate treasuries as drivers. ^[28]

Mainstream research houses are more cautious. One widely cited 2025–2030 forecast, updated today, projects:

An average Bitcoin price around $115,000 for 2025,
Around $158,000 by 2030,
With ongoing volatility and drawdown risk despite institutional adoption. ^[29]

None of these projections are guarantees, and the same reports emphasize regulatory, macroeconomic and technological risks. For Dorsey, though, the $1M thesis is less about trading and more about aligning Block’s business with a world where Bitcoin is both store of value and global settlement rail.

11. What Dorsey’s Bitcoin push means right now

As of December 4, 2025, three threads define the relationship between Jack Dorsey and Bitcoin:

Product bets at scale
- Square’s zero‑fee Bitcoin payments could normalize BTC at checkout for millions of merchants.
- Cash App’s mix of Bitcoin, stablecoins and fiat makes “on‑chain” money feel more like a normal bank app.
Policy and narrative shaping
- The de‑minimis tax campaign and “Bitcoin is not crypto” framing aim to secure friendlier treatment for small BTC payments and corporate treasuries.
- Block’s public advocacy around clean‑energy mining and open‑source patents (via COPA and other groups) tries to protect Bitcoin’s infrastructure and image. ^[30]
Protocol‑first philosophy
- BitChat, Nostr support, and critiques of AI/social media all fit a worldview where open protocols beat closed platforms — with Bitcoin as the monetary protocol at the center.

For merchants, the near‑term question is practical: do zero‑fee Bitcoin payments reduce costs, fraud and chargebacks enough to be worth the volatility and accounting complexity? For regulators, the question is whether to treat Bitcoin like stock, like a commodity, or increasingly like money.

And for Bitcoin itself, Dorsey’s moves offer something rare in crypto: a large, publicly listed company using real balance sheet capital and millions of users to test whether BTC can live up to its original promise as peer‑to‑peer electronic cash.

This article is for informational purposes only and does not constitute financial, tax or investment advice. Always do your own research and consult a licensed professional before making financial decisions.