Jack Dorsey — founder of social media giant Twitter and Bitcoin-supporting payments provider Square — has said: “we love you Bitcoin.”
Jack Dorsey — founder of social media giant Twitter and Bitcoin (BTC)-supporting payments provider Square — has said: “we love you Bitcoin.”
During an earnings call devoted to Square’s Q2 2019 results, Dorsey recognized the eye-popping impact that introducing Bitcoin support had on the company’s Cash App revenue.
‘Delivering on economic empowerment’
In his remarks, Dorsey noted that the Cash App ecosystem continued to grow, generating $135 million in revenue — excluding Bitcoin.
As reported just yesterday, Square’s latest shareholder letter has revealed that Cash App had raised $135 million in subscription, services and transaction-based revenue — and that separately, Bitcoin revenue alone accounted for an astounding $125 million.
Bitcoin revenue in isolation thus sealed the company 92% of all that it raised across these other revenue sources. Dorsey said:
“We love you, Bitcoin […] we saw 3.5 million customers use Cash Card in June, typically using it to purchase multiple times per week. Our seller and Cash App ecosystems have incredible roadmaps ahead to deliver on our purpose of economic empowerment.”
In a tweet posted on August 1, investor Kevin Rooke noted that Square’s $125 million figure for Q2 2019 means that around “7% of all Bitcoin mined in the past 3 months was acquired via a single app that didn’t exist two years ago,” adding: “let that sink in.”
The Bitcoin pay-off
As Cointelegraph has previously reported, Square first announced in November 2017 that it would release a BTC trading option to a select 3 million of its Square Cash App customers. The announcement caused its stock to jump $1 billion in just five days.
When the company rolled out support for BTC trading for customers across a more extensive range of U.S. states this February, Square’s stock increased yet again.
Last November, Square reported it had generated $43 million in Bitcoin revenue for Q3 2018, up from $37 million the preceding quarter.
In Square’s Q1 2019 report in May, the company revealed that it achieved a new revenue high from Bitcoin sales via Cash App, with a stated Bitcoin revenue of $65.5 million — meaning that its latest figures are over twofold higher than the preceding quarter.