Payments company Block, run by former Twitter CEO Jack Dorsey, has announced the official opening of preorders for Bitkey, a physical device for storing Bitcoin, in more than 95 countries. The Bitcoin wallet is set to ship in early 2024 and will cost $150 in the U.S., including the wallet, charging cable, mobile app, and recovery tools.
In an interview with Fortune, Lindsey Grossman, the Business lead for Bitkey, highlighted the global availability of the hardware wallet, while also emphasizing the company’s focus on key markets such as the U.S., Canada, U.K., Nigeria, Argentina, Mexico, and India. These are the markets where Block believes customers will use Bitcoin for long-term savings and cross-border payments, according to Grossman.
Bitkey was previously in an open beta and its availability to the general public reflects Jack Dorsey and Block’s commitment to Bitcoin. Despite the cryptocurrency’s lack of centrality to Block’s current quarterly revenue, Dorsey has been a vocal supporter of Bitcoin, even renaming his payments company to Block in 2021 to signify its commitment to integrating Bitcoin into its core Business.
The announcement also comes at a time when Block, formerly known as Square, continues to generate the majority of its profits from its digital wallet Cash App and its payments offering for businesses. Dorsey has been a noted Bitcoin evangelist, investing in Bitcoin-specific ventures, including mining enterprises, and advocating for the use of cryptocurrency to solve financial problems in developing countries.
The availability of Bitkey in over 95 countries reflects this ideology and belief, with Grossman stating, “We think that Bitcoin has the highest chance of actually solving true payments and economic problems for the world.” With the preorders now open, Bitkey is another step in Block’s effort to make Bitcoin more accessible and integrated into the global financial system.
Historically, Bitcoin has been a hot topic since its creation in 2009 by an unknown person using the name Satoshi Nakamoto. Its decentralized nature and potential to revolutionize the financial system has led to both support and skepticism in the financial world.
The availability of Bitkey in more than 95 countries is a major step towards expanding Bitcoin’s use and accessibility. As Block continues to promote cryptocurrency, the future of Bitcoin in the global financial landscape looks promising.
