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Block to Flip 10% of Bitcoin Profit Into Bitcoin Investments
Block Inc. lifted its full-year profit guidance and revealed plans to invest a portion of its profits from Bitcoin back into the assets, as Jack Dorsey’s company bets big on the currency’s future. Block will invest 10% of gross profit from Bitcoin products each month into buying Bitcoin for investment, Dorsey said in a letter to shareholders on Thursday. Currently, less than 3% of the company’s resources are focused on Bitcoin projects, he said. “We believe the world needs an open protocol for money, one that’s not owned or controlled by any single entity,” he said. “We believe Bitcoin is the best and ... (full story)