Block’s Bitcoin Product Lead, Miles Suter, emphasized a vital message during his appearance at Bitcoin 2026 in Las Vegas: Bitcoin must circulate to maintain its transformative qualities. He stated, “If Bitcoin doesn’t function as peer-to-peer cash, it loses the quality that makes it transformational,” highlighting Block’s overarching product strategy. Suter asserted that the network was constructed to enable a freer and fairer financial system for all.
This presentation followed a significant announcement from Block where they unveiled multiple Bitcoin-focused products, marking one of the company’s most comprehensive product launches at a single conference. Notably, Suter revealed that the number of Square merchants accepting Bitcoin payments has surpassed 800,000, with a new business adopting BTC payment features every eight seconds. This growth aligns with Block’s March decision to automatically enable Bitcoin payment options for eligible sellers across the U.S., impacting millions of merchants in one fell swoop.
Among the new offerings, a tap-to-pay Bitcoin feature was highlighted. This feature uses NFC hardware and the Lightning Network for settlements, eliminating the need for QR codes while also offering zero processing fees for 2026. Suter illustrated a future scenario where employees receive their paychecks through Cash App, convert that money to Bitcoin, and manage those funds in self-custody solutions.
Enhancements in Cash App now include auto-conversion for peer-to-peer payments into Bitcoin, a 5% Bitcoin Back rewards program at Square merchants, and increased withdrawal limits—raising limits to $10,000 per day and $25,000 per week. On the custody front, Block introduced the new Bitkey hardware wallet, featuring a touchscreen and a 2-of-3 multisig architecture to streamline the user experience by eliminating the need for seed phrases.
Suter stressed that Bitcoin’s integrity relies on decentralization, stating, “Bitcoin only works if no single company controls it.”
In a separate announcement, Block also released its Q1 2026 Proof of Reserves, revealing total Bitcoin holdings of 28,355.05 BTC, valued at roughly $2.2 billion. This includes 19,357.16 BTC—approximately $1.5 billion—held by customers and 8,997.89 BTC valued at around $696 million in Block’s corporate treasury. The reserves dashboard leverages on-chain cryptographic signatures for public verification, aiming to enhance transparency in the crypto space.
Suter’s participation in the panel titled “Living on Bitcoin” underscored a broader conference initiative focused on enhancing Bitcoin’s transactional utility. A key topic included advocating for a de minimis tax exemption on small transactions, which could alleviate the capital gains reporting burden and encourage regular Bitcoin spending. This perspective aligns with Jack Dorsey’s assertion that Bitcoin as a technology must serve as money to succeed, a sentiment echoed by Suter during the event.
