2 years ago
Block, the genitor institution of Square, Cash App, Spiral, TIDAL, and TBD, released Cash App’s Q4 2021 results, which show however providing Bitcoin brokerage services mightiness beryllium a bully concern strategy.
During Q4 2021, Cash App generated $1.96 cardinal successful bitcoin gross and $46 cardinal of bitcoin gross profit, up 12% and 14% year-over-year (YoY), respectively. The compounding yearly maturation complaint (CAGR) for Cash App’s bitcoin gross and gross nett grew 232% and 285% YoY, respectively. As of December 31, the just marketplace worth of the company’s bitcoin holdings was $371 million.
In a Twitter space that took spot connected February 16, Jack Dorsey, CEO of Block and ex-CEO of Twitter, had arsenic overmuch to accidental astir Bitcoin arsenic 1 mightiness imagine.
“For bitcoin — and successful each the different projects astir it — I deliberation if we're expanding transparency wrong the adjacent 5 to 10 years; if we're expanding participation, and that information is globally represented; if we're providing regular utility, particularly successful the signifier of currency, globally — that is success,” helium said.
Dorsey’s enthusiasm for Bitcoin has go adjacent much evident since his departure from Twitter arsenic helium has pushed a fig of antithetic initiatives astatine Block related to the peer-to-peer currency.
In the Twitter Space mentioned above, Jack reiterated the value of Bitcoin and the work helium feels towards it: “This is meant to beryllium a imaginable replacement to the US dollar’s dominance, and you can’t screw that up.”
In fact, Spiral, the autarkic subsidiary of Block dedicated to open-source Bitcoin development, is focused solely connected advancing the adoption of Bitcoin arsenic it continues to turn “like a spiral from a azygous point, encompassing much and much abstraction until it touches everything” and yet becomes a planetary currency.
During the 4th fourth of 2021, Block raked successful gross nett of $1.18 billion, up 47% YoY, portion Cash App generated gross nett of $518 million, up 37% YoY. The Square ecosystem generated gross nett of $657 million, 54% higher than the erstwhile year.
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