Block, the financial services company founded by Jack Dorsey, plans to enable Bitcoin acceptance through its Square point-of-sale (POS) system by 2026, thereby continuing Dorsey’s longstanding vision for cryptocurrency integration. This initiative is set to roll out in phases, beginning in the second half of 2025 with a limited launch, and expanding to reach millions of merchants by 2026. The underlying technology will utilize the Lightning Network, which facilitates near-instantaneous Bitcoin transactions with significantly reduced fees, making cryptocurrency payments more feasible for small businesses.
The implementation will occur in two stages: an initial limited release followed by broader approval and availability to all eligible users. Previously, in 2024, Block allowed merchants to convert a portion of their daily revenue into Bitcoin; however, this new system will permit direct acceptance of Bitcoin payments. Exchange rates and transaction verification will be handled automatically via the Square app, ensuring merchants receive funds promptly without imposing additional steps on customers.
Alongside this, Block has expanded its cryptocurrency services through the Cash App, offering Bitcoin buying, selling, and transfer capabilities. In March 2024, the company introduced Bitkey, a self-custody wallet designed to secure digital assets without complex security procedures. Upcoming enhancements to Bitkey will include advanced privacy features and improved recovery tools, facilitating seamless transfer of funds as inheritance. Block is also supporting broader Bitcoin ecosystem projects such as Proto Mining hardware and Spiral, which provide comprehensive solutions for Bitcoin acquisition, storage, spending, and development.
While merchants may face volatility risks associated with Bitcoin’s price fluctuations, the platform will offer automated currency conversion options. Accepting Bitcoin could also help businesses save on traditional credit card fees, which typically range from 2% to 3%. Regulatory oversight will remain in place throughout the rollout, with approvals varying by jurisdiction. If successful, by early 2026 Square’s POS devices will feature a dedicated “Bitcoin” payment button, marking a significant milestone in the practical adoption of peer-to-peer Bitcoin transactions.
For a detailed analysis, please visit: https://bitcoinist.com/square-to-accept-bitcoin-by-2026-jack-dorseys-crypto-dream-lives-on/
