Square chief executive Jack Dorsey recently doubled down on his love for Bitcoin (BTC). In the latest earnings call for the fintech company, the executive, who also heads Twitter, closed off the call, which was broadcasted to Wall Street analysts and investors, by simply stating: “we love you Bitcoin”.
This was seemingly in response to the company’s strong Q2 with its flagship Bitcoin operation, a barebones BTC exchange on Square Cash (Cash App). In the shareholder letter released in tandem with the call, it was revealed that the fintech company, which forayed into BTC at the top of the last bull run, made over $120 million in cryptocurrency-related revenues in fiscal Q2. This, according to some analyses, implies that it is responsible for selling 15,000 BTC — 7% of all Bitcoin mined in Q2. What’s interesting is that Bitcoin revenue made up 92% of all the revenue made in the subscription, services, and transaction facets of Square’s business. Thus, it should come as no surprise that the company is loving Bitcoin.
Dorsey’s love for Bitcoin isn’t just one that stems from monetary benefits. The Twitter CEO has been known to have an underlying love for the cryptocurrency. Speaking to crypto-friendly outlet Quartz earlier this year, the Twitter co-founder explained that due to Bitcoin having an amazing brand, pure nature, deflationary monetary policy, and resilience (also known as antifragility), it is best suited to become the Internet’s native currency :
“I haven’t seen any other currency that would challenge Bitcoin across the dimensions that I think are really important… It is 10 years old now, so it’s been tested over those 10 years, across every dimension from security threats, to governments, to forks, to agendas from miners, to nefarious nation states, and it’s been resilient to all those threats and challenges.”
Square’s Crypto Division Focusing on Bitcoin
Square’s love for Bitcoin was recently accentuated with comments from the current head of the firm’s crypto division, Steve Lee. In a recent “ask me anything” on Twitter, Lee, a former Google staffer, explained that his division will be “focusing on Bitcoin”, noting that it has the longest lifespan of any cryptocurrency and needs to be worked on a lot to achieve mass adoption.
it isn’t clear what Square Crypto is working on, but it seems to be that they’re focusing on bolstering the adoption and use cases of the leading cryptocurrency through development and design.