# Jack Dorsey's Block Doubles Down on Bitcoin Mining, Abandons 'Web5'

*Author: Kazu Umemoto*
*Published: Nov 8, 2024*
*Source: https://www.bankless.com/de/jack-dorseys-block-doubles-down-on-bitcoin-mining-abandons-web5*

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Jack Dorsey is ramping up his investments in Bitcoin mining while scaling back his "Web5" initiative at his company Block.

## **What's the Scoop?**
- **Bullish on Bitcoin**: Dorsey's payment company, Block, is shifting its focus toward Bitcoin mining by developing mining hardware which will join his suite of Bitcoin products like their Bitcoin wallet, Bitkey
- **Vision**: Following Trump’s election victory and his pro-Bitcoin mining stance, Dorsey is betting on Bitcoin as a key part of Block's future.

## **Bankless Take:**
Though Trump's pro-Bitcoin remarks might seem to be Dorsey's main motivation, there could be more behind this move. The post-election stock surge suggests investors are factoring in inflation expectations, which may be driving Dorsey's interest in Bitcoin mining as a hedge. With investors seeking assets that preserve value amid inflation, Bitcoin could soon see an influx of capital as a store of wealth.
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