Jack Dorsey, co-founder and former CEO of Twitter, increased his gross profits in Bitcoin by 90%, through Block, his payments company. Block earned $66 million from the sale of BTC.

Jack Dorsey: Former Twitter CEO Earns $66 Million From Bitcoin Selling

The payments company Block guidata da Jack Dorsey, the former CEO of Twitter, generated $66 million from the sale of Bitcoin (BTC).

This is stated in its earnings report for Q4 2023, which shows these gross profits increased by +90% compared to the previous year.

This sale took place via Cash App, the mobile payment service available in the US and UK developed by Block. Cash App allows users to easily buy, sell, send and receive BTC with their cards or cash balances.

In Q4 2023, Cash App alone generated total gross profit of $1.18 billion, an increase of 25% from the previous year.

Not only that, the report highlights that the total amount of Bitcoin (BTC) sales to customers was $2.5 billion, in 37% increase compared to Q4 2022.

Watching the entire year 2023Block has seen a Bitcoin’s annual revenue growth of +34%, equal to $9.5 billion. Bitcoin’s gross profit also increased by 31%, to $205 million.

Jack Dorsey: da Twitter a Bitcoin

Current data highlights Twitter co-founder and former CEO Jack Dorsey’s interest in the payments industry and Bitcoin.

And in fact, it was the end of 2021 when Dorsey left Twitter to dedicate himself to Bitcoin development, renaming Square to Block and, previously, Square App to Cash App.

During June 2023, then, Cash App he announced the integration of Bitkey, the non-custodial Bitcoin wallet created by Dorsey.

This latest increase in Bitcoin revenue and profit for Dorsey’s companies was primarily driven by the increase in the average market price of BTC.

At the time of writing, Block Inc holds 8,027 BTC worth $220 million, according to CoinGecko data.

The launch of the Ocean BTC mining initiative

In Q4 2023in addition to the increase in BTC prices, Jack Dorsey had announced the launch of theOcean Initiative for Bitcoin Mining.

It’s about a Decentralized Bitcoin mining poolthat is, managed not by a single person who can make arbitrary decisions.

Not only that, as well as decentralized, Ocean appears to be even non-custodialso that the miners who participate collect any BTC they may have earned directly from the platform in real time.

Source: https://cryptonomist.ch/2024/02/23/jack-dorsey-ex-ceo-twitter-guadagno-bitcoin/

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