Jack Dorsey is capitulating to the rise of regulated digital dollars. The Bitcoin maximalist who long argued the cryptocurrency could anchor everyday payments is now steering Block Inc.’s Cash App to support stablecoins, marking a sharp break for a company that built its crypto identity around Bitcoin purity.
The Block co-founder and chairman, who has insisted Bitcoin alone could anchor everyday payments, is moving the financial technology firm toward supporting dollar-backed tokens angling to integrate into the traditional financial infrastructure instead of upend it. Cathie Wood, whose towering Bitcoin forecasts defined the last cycle’s exuberance, is scaling them back as institutional flows consolidate around assets engineered for price stability and regulatory acceptance.