At the Bitcoin 2025 conference, Miles Suter, head of Bitcoin products at Block Incorporated, delivered a pivotal address outlining a transformative vision for Bitcoin—not merely as a store of value but as a functioning currency for everyday life. Suter emphasized that Bitcoin has evolved beyond being a secure asset; it has become the native currency of the internet. Despite achieving a market capitalization reaching one trillion dollars and being held by millions, Bitcoin is rarely used for daily transactions, a gap Block aims to bridge.
In alignment with this vision, Block introduced a new payment solution enabling merchants to accept Bitcoin directly through Square’s point-of-sale system. This initiative is part of Block’s broader “Bitcoin Business Stack,” which integrates key business functions such as payments, management, reporting, accounting, conversion, lending, and taxation. According to Suter, this comprehensive ecosystem is designed to facilitate the transition of Bitcoin into a practical medium of exchange, empowering businesses to fully harness its potential.
During the conference, Block attempted to set a Guinness World Record for the highest number of payments processed in a single day via the Lightning Network, demonstrating the network’s capacity for fast, scalable, and active Bitcoin transactions. Block’s commitment to Bitcoin is longstanding: the company added Bitcoin to its balance sheet in 2020, launched the Bitcoin Clean Energy Initiative in 2021, and introduced the Cash App on the Lightning Network in 2022.
Currently, Block allocates 10% of its Bitcoin-derived profits back onto its balance sheet, while over 1,700 merchants automatically convert portions of their daily sales into Bitcoin. Suter stressed that confining Bitcoin to the role of “digital gold” would signify a mission failure, as real-world payments are crucial to validating Bitcoin’s identity as a currency. Block’s ongoing efforts focus on embedding Bitcoin into everyday financial systems, aiming to establish it as a functional currency integral to the global economy.
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