Square’s earnings 2.5X expectations, Bitcoin revenue up 1000% in 12 months
May 7, 2021. Summarized by summa-bot.
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Square’s Jack Dorsey wants the firm’s Cash App to enable Bitcoin to become the native currency of the internet.
Square’s quarterly gross profit also surged 79% year-over-year to tag $964 million.
More than half of the firm's profits can be attributed to its crypto-friendly payment application, Cash App, which drove $495 million in gross profits — a 171% increase when compared to Q1 2020.
While Bitcoin turnover was in the billions, the cryptocurrency represented 2% of the firm’s total gross profit with $75 million.
“Bitcoin revenue and gross profit benefited from a year-over-year increase in the price of Bitcoin, Bitcoin activities, and growth in customer demand,” noted the firm.
During an earnings call, Square CEO, Jack Dorsey, emphasized the firm’s mission of supporting BTC to become the native currency of the internet, stating:
Square became one of the first firms to invest a portion of its treasury into Bitcoin when the firm purchased 4,709 BTC for $50 million in October.