Jack Dorsey Declares War on Credit Cards as New Bitcoin Wallet Promises to Change How Businesses Pay
- Jack Dorsey, the former CEO of Twitter, now X, and founder of Block Inc., has unveiled another bold platform to reset the credit card industry
- His payment firm, Block, announced the launch of a new Bitcoin wallet for small businesses on Wednesday, October 8, 2025
- Experts said the innovation, nicknamed the ‘Credit Card Killer, is one of the ambitious moves in the crypto industry
Pascal Oparada, a reporter for Legit.ng, has over ten years of experience covering technology, energy, stocks, investment, and the economy.
Jack Dorsey, the tech visionary behind Twitter (now X) and Block Inc., is taking another bold step in his mission to make Bitcoin part of everyday commerce.
His payments company, Block, announced the launch of a new Bitcoin wallet and payment feature designed for small businesses using its Square point-of-sale system on Wednesday, October 10, 2025.
Source: Getty Images
Bitcoin for the everyday merchant
The innovation, which Block is calling the “Credit Card Killer,” marks one of the most ambitious moves yet to bring cryptocurrency into daily business transactions.
Starting Wednesday, merchants who use Square will be able to receive payments and instantly convert them into Bitcoin (BTC) at zero fees, according to Block. By November 10, businesses will not only be able to accept Bitcoin payments directly but also convert up to 50% of their daily sales revenue into BTC.
Miles Suter, Block’s Head of Bitcoin Product, said the company’s goal is to make Bitcoin payments as easy and accessible as credit card transactions.
“We’re making Bitcoin payments as seamless as card payments while giving small businesses access to financial management tools that, until now, were reserved for the largest corporations,” Suter said.
He added that Square is “uniquely positioned to make Bitcoin everyday money, not just a store of value—while also helping sellers future-proof their operations.”
Simplifying Bitcoin for main street
Block described the initiative as “Simplifying Bitcoin for Main Street,” signalling a major step in the company’s ongoing effort to integrate Bitcoin into regular financial systems.
The new wallet is built directly into the Square product, allowing merchants to manage their crypto holdings in one place.
The product’s design aims to bridge the gap between traditional finance and decentralised money, allowing sellers to operate in both fiat and crypto without the complexities that typically come with digital assets.
The market reacts
Investors responded positively to the news. Block’s shares on the New York Stock Exchange (NYSE: XYZ) rose 2.6% on Wednesday, according to Yahoo Finance.
According to Yahoo Finance, the Bitcoin wallet joins a growing list of crypto-focused initiatives from Block’s ecosystem, which already includes Cash App—a major player in Bitcoin transactions—and Bitkey, a hardware crypto wallet.
Dorsey’s Bitcoin vision goes mainstream
Dorsey, who stepped down from Twitter to focus on Bitcoin projects, has long envisioned a world where Bitcoin becomes “everyday money.”
While critics argue that Bitcoin’s volatility makes it better as a store of value than a medium of exchange, Dorsey and fellow Bitcoin maximalists maintain that mass adoption as a payment method is essential for the cryptocurrency’s true success.
Source: UGC
Earlier this year, Block also unveiled a Bitcoin mining rig designed to lower entry costs for miners by using swappable, modular parts, extending Dorsey’s influence deeper into the Bitcoin ecosystem.
With this new wallet, Dorsey’s message is clear: the era of Bitcoin-powered commerce is not just coming—it’s already here.
Jack Dorsey is known for his disruptive approach to innovation and recently unveiled BitChat, a messaging platform that uses just Bluetooth.
The new messaging app has since launched into app stores and is racking up rave reviews.
Accumulating Bitcoin: A risky digital rush by companies?
Legit.ng earlier reported that US President Donald Trump's media group and Tesla, the electric carmaker owned by tech billionaire Elon Musk, are among an increasing number of companies buying huge amounts of bitcoin.
The aim? To diversify reserves, counter inflation and attract investors, analysts say.
Companies frequently own bitcoin -- the largest cryptocurrency by market capitalisation -- to take part in sector activities such as "mining", which refers to the process of validating transactions in exchange for digital tokens.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
