Jack Dorsey, the co-founder and executive chair of Block Inc., has reaffirmed his long-standing commitment to Bitcoin by reiterating that the company’s flagship digital wallet, Cash App, remains firmly "Bitcoin only." In a recent post on X (formerly Twitter), Dorsey stated, "We are Bitcoin only. And improving rapidly," signaling both a philosophical stance and a strategic direction for one of the most widely used fintech platforms in the U.S.
This declaration came in response to praise from a prominent Bitcoin advocate, HFSP.eth | ₿itcoin Only, who highlighted key features that make Cash App a powerful tool for everyday Bitcoin adoption. The user noted that Cash App now allows users to convert direct deposits—such as paychecks—into Bitcoin with zero fees and no spread, meaning users get the exact market rate when buying BTC. This eliminates hidden costs typically imposed by other platforms and makes dollar-cost averaging into Bitcoin more accessible than ever.
Enhanced Withdrawal Limits Signal Growing Institutional Readiness
Another major upgrade mentioned was the significant increase in Bitcoin withdrawal limits. Users can now withdraw up to $10,000 per day** and **$25,000 per week, a fivefold jump from previous caps of $2,000 daily and $5,000 weekly. These changes reflect Block’s confidence in its infrastructure and security protocols while also catering to higher-volume users and potential institutional adopters.
Such enhancements are not just about convenience—they represent a shift toward treating Bitcoin as a legitimate, functional currency rather than a speculative asset. By removing friction from buying, storing, and moving Bitcoin, Cash App is positioning itself as a critical on-ramp for mass adoption.
Block's Expanding Bitcoin Ecosystem
Dorsey’s vision extends far beyond consumer wallets. In April, Block launched a corporate Bitcoin treasury management dashboard, designed to help businesses securely manage their Bitcoin holdings. This move aligns with a growing trend of companies adding Bitcoin to their balance sheets as a hedge against inflation and monetary devaluation.
Additionally, Block announced major upgrades to its self-custody Bitcoin wallet, emphasizing improvements in security, privacy, and usability—three pillars essential for long-term trust in decentralized finance. Unlike custodial services where third parties hold private keys, self-custody puts full control in the hands of users, reinforcing the core ethos of Bitcoin: financial sovereignty.
But perhaps the boldest step yet is Block’s entry into Bitcoin mining. The company is preparing to deliver its first custom-built Bitcoin mining hardware in the second half of 2025. This vertical integration—from wallet to mining—positions Block as a full-stack Bitcoin company, actively participating in network validation and decentralization.
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Why a 'Bitcoin Only' Strategy Matters
In an industry flooded with thousands of cryptocurrencies, Dorsey’s insistence on focusing solely on Bitcoin stands out. It reflects a belief that Bitcoin is unique—not just another token among many, but a foundational layer for a new financial system.
This “maximalist” perspective is shared by many in the crypto space who argue that Bitcoin’s scarcity (capped at 21 million coins), decentralization, and proven track record over 15+ years make it the only digital asset with true long-term viability. By building all of its financial tools around Bitcoin alone, Block avoids diluting its mission and maintains clarity in product development.
Moreover, this strategy reduces regulatory complexity. With increasing scrutiny on altcoins—many of which face potential classification as unregistered securities—focusing exclusively on Bitcoin offers a safer path forward for mainstream fintech adoption.
Market Reaction and Competitive Landscape
At the time of writing, Bitcoin (BTC) was trading at approximately $105,431, showing slight downward movement of 0.03% over the past 24 hours. Meanwhile, **Block’s stock (NYSE: SQ)** saw a modest 0.14% gain in after-hours trading following a 2.83% rise during regular market hours, closing at $63.51. The company’s strong growth score suggests investor confidence in its expanding role within the digital asset economy.
While competitors like Coinbase Global Inc. (COIN) offer broader cryptocurrency support, Block differentiates itself through simplicity and focus. Where Coinbase serves as a gateway to hundreds of tokens, Cash App functions as a streamlined portal to Bitcoin—ideal for newcomers and long-term holders alike.
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Frequently Asked Questions (FAQ)
Q: What does "Bitcoin only" mean for Cash App users?
A: It means Cash App supports Bitcoin transactions exclusively—users can buy, sell, store, and convert funds into BTC without access to other cryptocurrencies. This simplifies the user experience and aligns with Jack Dorsey’s belief in Bitcoin as the future of money.
Q: Can I withdraw large amounts of Bitcoin from Cash App now?
A: Yes. Withdrawal limits have been increased to $10,000 per day and $25,000 per week, making it easier for users to access larger holdings compared to previous limits of $2,000 daily and $5,000 weekly.
Q: Is Cash App’s wallet truly self-custodial?
A: While Cash App previously operated as a custodial service, Block has been rolling out updates to introduce true self-custody options, giving users full control over their private keys and enhancing security and ownership.
Q: What is Block’s role in Bitcoin mining?
A: Block is developing its own Bitcoin mining hardware to support network decentralization. Its first units are expected to ship in late 2025, marking the company’s entry into full-stack Bitcoin infrastructure.
Q: How does Block differ from Coinbase?
A: Coinbase supports hundreds of cryptocurrencies and caters to traders and investors seeking variety. Block focuses solely on Bitcoin through Cash App and enterprise tools, prioritizing mainstream adoption and financial inclusion.
Q: Why is direct deposit conversion to Bitcoin important?
A: It allows users to automatically convert part or all of their paycheck into Bitcoin without fees or price spreads. This feature lowers barriers to entry and encourages consistent investment through dollar-cost averaging.
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Final Thoughts
Jack Dorsey’s unwavering advocacy for Bitcoin underscores a broader transformation underway in personal finance. Through strategic upgrades to Cash App, corporate treasury tools, self-custody innovations, and mining initiatives, Block Inc. is building an ecosystem where Bitcoin isn’t just an investment—it’s a functional currency.
As adoption accelerates and infrastructure matures, the “Bitcoin only” philosophy may prove prescient. For millions of users relying on Cash App for everyday transactions, the path to financial empowerment starts with a single digital asset: BTC.