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Jack Dorsey Advocates for Bitcoin Use as Everyday Currency 'As It Was Designed to Be'
Block CEO Jack Dorsey has once again emphasized his stance on Bitcoin (CRYPTO: BTC), advocating for its use as everyday money, a vision originally proposed by Bitcoin's creator, Satoshi Nakamoto. What Happened: Dorsey stressed that Bitcoin's ultimate purpose should be for daily transactions, not merely speculative trading. 'We want Bitcoin to become p2p electronic cash and everyday money, as it was designed to be,' Dorsey stated in a post on comments were in response to a post by Entropy Capital regarding how Block has developed a comprehensive Bitcoin ecosystem. This system comprises Square, a platform that allows merchants to accept Bitcoin payments, and Cash App, a wallet designed for quick and inexpensive transactions. Other elements include Bitkey, a self-custody hardware wallet for offline Bitcoin storage, and Proto, a Bitcoin mining infrastructure. Also Read: Jack Dorsey Says Bluesky's Rapid Expansion Fueled by X Exodus: 'Not a Great Way To Build a Product' Dorsey's message is unequivocal: Bitcoin is destined to become a part of everyday transactions, and Block is strategically positioning itself to facilitate this transition. Simultaneously, Treasury Secretary Scott Bessent has indicated that the U.S. is dedicated to exploring ways to accumulate more Bitcoin. At the time of writing, Bitcoin was trading at $118,473.47, a slight dip from its intraday peak of $119,399.29. Why It Matters: Dorsey's renewed emphasis on Bitcoin's intended use as everyday money underscores the growing acceptance of cryptocurrencies in the mainstream financial landscape. With Block's comprehensive Bitcoin ecosystem, the company is well-positioned to lead the charge in this transition, potentially influencing other companies to follow suit. Furthermore, the U.S. Treasury's interest in accumulating Bitcoin signals a shift in governmental attitudes towards cryptocurrencies, potentially paving the way for more widespread adoption and regulatory clarity. Read Next Here Is How Twitter CEO Jack Dorsey Plans To Expand Bitcoin Trading Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article Jack Dorsey Advocates for Bitcoin Use as Everyday Currency 'As It Was Designed to Be' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Yahoo
11 minutes ago
- Yahoo
Texas breaks jobs record, again outpaces national growth rate in July
(The Center Square) – Texas broke jobs records again in July and again outpaced the national growth rate, according to new data released by the Texas Workforce Commission. Texas again set new records in July for having the greatest total nonfarm jobs and greatest number of Texans working in state history. Texas' nonfarm jobs totaled 14,333,800 in July after adding 8,700 positions over the month. Over the year, Texas added 232,500 jobs for an annual nonfarm growth rate of 1.6%, outpacing the national growth rate by 0.6%. Texas also reached a new high for the number of Texans working, including the self-employed, of 15,213,700 in July. 'Texas continues to see sustained job growth thanks to having the best business climate in America and the productivity of hardworking Texans,' Gov. Greg Abbott said. 'With more Texans working than ever before, we must ensure Texans across our great state have access to the tools and training needed to secure better jobs and bigger paychecks.' This year the legislature passed bills expanding career training programs, which Abbott signed into law. Last week, more than $1.6 million was awarded in Jobs and Education for Texans grants to support career and technical education training programs in South Texas. Last month, Texas' civilian labor force totaled 15,848,800, representing a decrease of 1,400 people over the month. Over the year, 195,900 people were added. There was a slight dip in the labor force last month, including in the oil and natural gas industry. Despite this, 'Texas continues to create jobs, a testament to the resilience of our workforce,' TWC Commissioner Representing Labor Alberto Treviño III said. 'TWC is working hard to ensure all Texans have access to the tools and training they need to seize these new opportunities, build skills, and find meaningful work in thriving communities across our state.' The Trade, Transportation, and Utilities industry reported the largest over-the-month increase in July after adding 5,500 jobs. Professional and Business Services added 3,800 jobs; Construction added 2,800. The Construction industry also grew by 3.2% over the year, outperforming the industry's growth rate nationally by 2%. 'Texas continues to foster job growth across a wide range of industries,' TWC Commissioner Representing Employers Joe Esparza said. 'TWC works every day to ensure that the workforce powering our economy is trained, supported, and ready to grow alongside the businesses that call Texas home.' Last month, the not seasonally adjusted employment rate increased nationally and in Texas. Texas' 4.2% rate was lower than the national rate of 4.6%. The Midland Metropolitan Statistical Area reported the lowest not seasonally adjusted unemployment rate of 3.1% in July, followed by Amarillo and San Angelo MSAs' 3.2% each. The MSAs with the highest rate were Eagle Pass' 9.4%, Brownsville-Harlingen's 7.3% and McAllen-Edinburgh-Mission's 6.7%, according to the data. Texans impacted by the July floods in designated disaster areas are encouraged to apply for Disaster Unemployment Assistance online or by calling the TWC at 800-939-6631. The application deadline is Sept. 4. Solve the daily Crossword
Yahoo
11 minutes ago
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Thinking of Buying Tesla Stock? Here Are 2 Red Flags to Watch
Key Points Tesla's heavy reliance on Elon Musk adds significant leadership risk. Increasing competition from established automakers and Chinese EV makers is pressuring Tesla's dominance. Investors need to be comfortable with Tesla's high valuation. These 10 stocks could mint the next wave of millionaires › Tesla (NASDAQ: TSLA) has long been the front runner in the electric vehicle (EV) revolution in the U.S. Its innovation, brand strength, and rapid growth have made it a favorite among investors. Yet, despite its impressive track record, there are two big risks that investors should carefully consider before buying Tesla stock today. 1. The Elon Musk factor Elon Musk's leadership is often cited as Tesla's greatest strength -- and, paradoxically, one of its most significant vulnerabilities. Musk's vision and hands-on approach have driven Tesla's technological breakthroughs and ambitious expansion. However, this heavy reliance on a single individual introduces what investors refer to as "key man risk." If Musk were to step back from daily operations or shift his focus to other projects, Tesla might face challenges in maintaining its momentum. Though Tesla's management team has grown stronger, few executives command the same vision, drive, and public attention as Musk. Recently, Musk's increasing involvement in political activities has raised concerns about potential distractions or reputational risks for Tesla. While the company has remained operationally strong, these developments underscore the uncertainty around its future leadership continuity. While Tesla's success lies not only with Musk but also with his team, which has executed well on his vision -- no one can build a trillion-dollar company alone -- there is still no clear successor (or a viable management team) . The silver lining here is that the Tesla board has become more serious about finding one in recent months, largely due to the CEO's active involvement in politics. For investors, this means that Tesla's fortunes remain closely tied to Musk's presence and decisions -- a factor that adds a layer of risk to the investment. 2. Intensifying competition Tesla might have been an early mover in the EV industry, but its dominance is no longer guaranteed. The industry landscape is rapidly evolving, with legacy automakers and new entrants accelerating their electric ambitions. Companies like Ford and General Motors are aggressively expanding their EV lineups. For instance, Ford plans to introduce a $30,000 midsize truck by 2027. That price is significantly lower than the average for an EV, and Ford is investing $5 billion in its EV production to make it happen. GM, on the other hand, is working hard on next-generation battery technologies to improve range, charging performance, and cost. Meanwhile, Chinese manufacturers such as BYD are growing their international footprints, particularly in Europe, where Tesla experienced a nearly 27% sales declinein July 2025. BYD's battery technology, government support, and competitive pricing make it a formidable challenger. In addition, a host of EV start-ups are innovating in battery tech, autonomous driving, and new business models, further intensifying competition. While Tesla is not sitting still -- it is working on becoming the lowest-cost producer by cutting prices to grow sales volume and achieve economies of scale -- there is no guarantee that it can maintain its market share over time. In short, it's no longer the only player in town. What does this mean for investors? Tesla's story remains compelling: It's a pioneer with a powerful brand, innovative products, and potential optionality with some of its long shot bets (robotaxi, humanoid robots, etc). But the key man risk surrounding Musk and the escalating competitive landscape are real concerns that investors can't ignore. If Tesla continues to innovate more rapidly than its rivals, the company could sustain its growth trajectory. However, any leadership changes or slips in market position could hurt the business and its share price. While these two risks don't necessarily call for the sale of the stock, they do mean that investors should think carefully before buying the stock today. Tesla stock trades at a significant premium valuation to other carmakers. For perspective, Tesla has a price-to-sales (P/S) ratio of 12.9, compared to GM's 0.3. Unless you're comfortable with the risks and the high valuation, buying the stock today may not be a prudent decision. Don't miss this second chance at a potentially lucrative opportunity Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a 'Double Down' stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you'd have $467,985!* Apple: if you invested $1,000 when we doubled down in 2008, you'd have $44,015!* Netflix: if you invested $1,000 when we doubled down in 2004, you'd have $668,155!* Right now, we're issuing 'Double Down' alerts for three incredible companies, available when you join , and there may not be another chance like this anytime soon.*Stock Advisor returns as of August 13, 2025 Lawrence Nga has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool recommends BYD Company and General Motors. The Motley Fool has a disclosure policy. Thinking of Buying Tesla Stock? Here Are 2 Red Flags to Watch was originally published by The Motley Fool
