Bitcoin Must Function as Money, Not Just an Asset Says Suter

• Block’s Miles Suter said BTC is the only truly censorship-resistant money available today.
• Suter said BTC could lose core value if it becomes only a store of value and not P2P cash.
• Block disclosed 28,355.05 BTC in Q1 reserves worth about $2.2B, across all holdings.

Miles Suter, Bitcoin Product Lead at Block Inc., said Bitcoin remains the only truly censorship-resistant form of money and warned that its long-term value depends on being used for payments, not just held as an asset.

Speaking on the Nakamoto Stage at Bitcoin 2026 in Las Vegas, Suter said Bitcoin must circulate instead of sitting idle on balance sheets.

“If Bitcoin doesn’t function as peer-to-peer cash, it loses the quality that makes it transformational,” he said.

It is important to note that the comments came alongside Block’s Q1 2026 proof of reserves. The company disclosed total holdings of 28,355.05 BTC worth about $2.2 billion.

Of that amount, 19,357.16 BTC worth roughly $1.5 billion belonged to customers, while Block’s corporate treasury held 8,997.89 BTC valued at nearly $696 million.

Store of Value vs Money Debate Returns

Bitcoin’s growth in recent years has been driven by ETFs, corporate treasury buying, and institutions treating it as digital gold. This trend has pushed Bitcoin deeper into the store-of-value role, while day-to-day payment use remains limited.

Suter argued that this transition risks weakening the asset’s original purpose set out in the Bitcoin white paper: peer-to-peer electronic cash that moves without banks or central control.

Bitcoin’s censorship resistance is one of its main features. Transactions can be sent across borders without approval from intermediaries, frozen accounts, or payment gatekeepers.

Block Pushes Real-World Bitcoin Use

Block Inc. used the conference to unveil a broad Bitcoin product push centered on spending and self-custody.

Suter said more than 800,000 Square businesses now have BTC payments auto-enrollment enabled. A new business is activating the feature every eight seconds. The company said eligible US Square sellers were auto-enabled for bitcoin payments in March.

Block also introduced tap-to-pay bitcoin payments using NFC hardware and the Lightning Network for settlement. The system removes QR codes and carries zero processing fees through 2026.

Suter said the aim is to make bitcoin payments as seamless as Apple Pay at checkout.

Cash App and Self-Custody Strategy

Cash App now allows users to auto-convert peer-to-peer payments into Bitcoin. Block also launched a 5% Bitcoin Back rewards program at Square merchants and raised bitcoin withdrawal limits fivefold to $10,000 per day and $25,000 per week.

On custody, the company introduced a new Bitkey wallet with a touchscreen and a 2-of-3 multisig design. The setup removes seed phrases and moves transaction verification onto the device.

Suter said Bitcoin only works if no single company controls it, tying custody tools directly to decentralization.

Related: Jack Dorsey’s Block Expands Bitcoin Push With Bitkey Wallet and Cash App Upgrades