Twitter’s Co-Founder Sees His Bitcoin Profits Jump 90%
Jack Dorsey, the co-founder and former CEO of Twitter, has significantly boosted his Bitcoin profits by 90% through Block, his payments venture. Block has reported earnings of $66 million from BTC sales.
These figures stem from Block’s Q4 2023 financial report, revealing a remarkable 90% surge in gross profits compared to the preceding year.
The transactions were facilitated through Cash App, Block’s mobile payment service available in the USA and UK. Cash App enables seamless buying, selling, and transferring of BTC using either cards or cash balances.
In Q4 2023 alone, Cash App raked in a total gross profit of $1.18 billion, marking a 25% uptick from the previous year.
Moreover, the report indicates a 37% increase in BTC sales, totaling $2.5 billion, compared to Q4 2022. For the entire year 2023, Block witnessed a 34% annual growth in Bitcoin revenue, reaching $9.5 billion. Bitcoin’s gross profit also surged by 31%, amounting to $205 million.
These latest financials underscore Jack Dorsey’s keen interest in the payments realm and Bitcoin. Dorsey’s pivot towards Bitcoin began in late 2021 when he departed Twitter to concentrate on Bitcoin development, rebranding Square to Block and Square App to Cash App.
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In June 2023, Cash App announced the integration of Bitkey, Dorsey’s non-custodial Bitcoin wallet.
The recent spike in revenue and profit for Dorsey’s enterprises primarily correlates with the surge in BTC market prices. At present, Block Inc holds 8,027 BTC valued at $220 million.
In Q4 2023, alongside the BTC price surge, Jack Dorsey unveiled the Ocean initiative for Bitcoin mining—a decentralized mining pool ensuring no single entity controls decisions. Ocean is also non-custodial, ensuring miners receive BTC earnings in real-time.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
