Bitcoin News Today: Jack Dorsey's Bitcoin Vision Faces Skepticism as Block's Earnings Falter

Jack Dorsey's Block Inc. has expanded Bitcoin adoption by enabling 4 million global merchants to accept Bitcoin payments via its Square Bitcoin platform, leveraging the Lightning Network for instant settlements. The feature, introduced in October, offers zero fees for sellers until 2027, a strategic move to integrate Bitcoin into everyday commerce. Merchants can now convert a portion of daily card sales into Bitcoin automatically, a capability Dorsey highlighted in his third-quarter shareholder letter as a step toward making Bitcoin "everyday money".

The initiative aligns with Block's broader vision to provide financial flexibility for small businesses, a mission Dorsey has championed alongside his advocacy for a de minimis tax exemption on small crypto transactions.

The expansion builds on Block's existing Bitcoin ecosystem, which includes its BitKey hardware wallet and Cash App's crypto trading features. Meanwhile, competitors like Exodus Movement are also pivoting toward stablecoin-based payments. Exodus reported a 51% year-over-year revenue surge in Q3 2025, driven by its acquisition of Grateful, a stablecoin checkout platform set to launch in Argentina and Uruguay. CEO J.P. Richardson emphasized the shift from crypto wallets to a broader financial ecosystem, with stablecoins central to facilitating cross-border payments and consumer spending.

However, Block's financial performance has faced scrutiny. The company's Q3 earnings fell short of expectations, with shares dropping 11% post-announcement. While gross profit rose 18% to $2.66 billion, analysts noted weak guidance for 2025 and rising administrative costs. Piper Sandler cut its price target for Block (NYSE: XYZ) to $55, citing decelerating growth in Square's gross profit and modest Cash App user gains. Despite these challenges, Block raised its full-year gross profit forecast to $10.24 billion, signaling confidence in its Bitcoin and hardware ventures.

The broader crypto market remains volatile. Bitcoin surged 1.7% in 24 hours to $105,456 as Block's announcement bolstered sentiment. Meanwhile, Exodus's push into stablecoins reflects growing demand for fiat-backed digital assets, with Tether (USDT) and other stablecoins seeing increased adoption in payment gateways. The Bank of England's proposed $20,000 stablecoin cap for retail users underscores regulatory scrutiny, though companies like Rumble and Bybit continue to expand stablecoin integration.

Dorsey's Bitcoin ambitions face headwinds, including skepticism about the Lightning Network's utility. A recent poll revealed 80% of respondents do not view Lightning as "real BTC," highlighting challenges in mainstream adoption. Yet, with 1,526 BTC in its treasury and plans to issue Bitcoin dividends, Block remains committed to its crypto-first strategy. As the market awaits clarity on regulatory and technical hurdles, the race to redefine digital payments continues.