Jack Dorsey’s payment company Block will lay off more than 4,000 employees due to the rapid development of artificial intelligence (AI). The company’s founder Dorsey, in a letter shared on the X platform, stated that AI tools are creating a new work model with small and flat teams, emphasizing that this change fundamentally affects the company’s structure. He expressed that he prefers to act honestly and move immediately rather than shrinking slowly; as repeated layoffs damage morale, focus, and customer-shareholder trust.
Source: Jack DorseyBlock’s AI-Driven Restructuring
Affected employees will receive 20 weeks of salary, one additional week of pay per year of seniority, six months of health insurance, company devices, and $5,000 for job transition. According to Bloomberg’s news this month, 10% of Block’s workforce was to be eliminated in annual performance reviews; this step is part of a broader restructuring effort. Block, known for Dorsey’s BTC passion, plays a pioneering role in crypto payments while focusing on the future with AI efficiency.
BTC Market: 8.40% Rise in PERP Contracts
While this development resonates in the crypto world, the BTC futures market has become active. BTC PERP rose 8.40% from the low of $62,401, carrying the weekly candlestick into positive territory. Current price $67,462, 24-hour change -%1,71. RSI at 41.57 in neutral zone, but downtrend dominant. EMA 20: Pressure above $69,206.
Institutional BTC Reserves: GD Culture’s Strategy
Similarly, GD Culture Group (GDC) announced it will use its 7,500 Bitcoin reserve to fund its share buyback program. This shows that companies like Block view BTC as a treasury asset. Strong supports: S1 $64,311 (⭐ STRONG, -%4,80), S2 $60,000 (⭐ STRONG). Resistances: R1 $67,922 (+%0,55). Click for detailed BTC analysis.
Block’s Crypto Future and Market Impact
While Block’s Cash App leads in BTC buying and selling, AI-focused downsizing could accelerate innovations. Institutions like the UAE’s $272 billion bank are also turning to crypto. Despite Supertrend’s bearish signal, futures markets show signs of recovery.
Source: https://en.coinotag.com/block-lays-off-4000-employees-ai-impact
