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Block CEO Jack Dorsey on Tuesday said the Bitcoin (BTC-USD) network’s transparency incentivizes acceptance and usage of the digital token, he told MicroStrategy (NASDAQ:MSTR) CEO Michael Saylor at the MicroStrategy World Event.
For bitcoin, it’s easy to determine how and why transaction costs are going up/down by looking at the network’s stats. Meanwhile, “in the typical financial industry, especially in corporate finance, those tools are all in a black box,” Dorsey told Saylor. “You can’t see anything, you can’t see how they work, you can’t see how they’re priced,” he added. Furthermore, both Dorsey and Saylor agree that the largest digital coin by market cap is the equivalent of a “universal monetary protocol.”
Dorsey added that it’s worth the time for firms to study bitcoin (BTC-USD) and how to potentially integrate the token into product and service offerings. In an effort to make bitcoin (BTC-USD) more accessible across the globe, Block (NYSE:SQ), formerly known as Square, developed a variety of ways to streamline bitcoin use cases, including Cash App’s integration of the Lightning Network to enable BTC transactions.
In the meantime, bitcoin (BTC-USD +0.9%) is edging higher towards $39K per token after reaching as low as $32.8K in January.
Earlier, MicroStrategy bought 660 more bitcoins for $25M.
