Block (SQ -2.84%) already has several exciting businesses within its ecosystem that have massive momentum and potential -- and don't involve Bitcoin and blockchain. In this segment of "The Future of Fintech," recorded on Feb. 3, Motley Fool contributors Matt Frankel and Jason Hall examine Block CEO Jack Dorsey's hyper-focus on cryptocurrency.
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Matt Frankel: I've said many times that Jack Dorsey's focus on bitcoin and blockchain is probably my least favorite thing about Square as an investor. It's not really to put down any cryptocurrency investors, there's a solid case to be made for bitcoin and some of the others.
Jason Hall: Yeah, I want to just jump in. I own bitcoin and I bought bitcoin very recently. I'm certainly part of the crowd that thinks that crypto and blockchain is going to be important, but it's that hyper-focus, right Matt.
Matt Frankel: Yeah. They're already at minimum three or four different business lines that have massive opportunities and massive potential and massive momentum within their ecosystem that don't involve bitcoin and blockchain. I'm worrying that the focus is shifting away from those. I mean, we mentioned Afterpay buy now pay later. You have the Cash App ecosystem, you have the seller ecosystem. You have the bank, you've Titled that they could really try to double-down on monetization with.
I just think the business is great without all the extra focus on cryptocurrency and blockchain. I want to see that, not necessarily even Jack Dorsey, but that the company is really still laser-focused on growing payment volume, providing services to merchants that don't have to do with cryptocurrency and blockchains, things like that. Growing the bank in ways that have to do with US dollars, not cryptocurrencies.
That's where I'm at. I bought more shares recently, by the way. Not too recently obviously, but I've bought shares pretty recently since the downturn and I plan to add to the position as long as their earnings aren't a total disaster.