Home Bitcoin News Tattooed Entrepreneur’s Company Sees Increase in Bitcoin (BTC) Revenues by 11 Times

Tattooed Entrepreneur’s Company Sees Increase in Bitcoin (BTC) Revenues by 11 Times

Square Bitcoin

Square is leading the way in terms of interest in Bitcoin (BTC). Reportedly, Square revenue from their BTC business increased by nearly 11 times according to Coindesk.

One of the Share Holders of Square published, “Cash App generated $3.51 billion of bitcoin revenue and $75 million of bitcoin gross profit during the first quarter of 2021, each up approximately 11x year over year.”

This is obviously two times the Bitcoin revenue of “$1.76 billion in the fourth quarter of 2020.” Reportedly, the BTC revenue for the first quarter of 2020 has been at $306 million.

BTC revenue contributed to nearly 70% of the Square’s total consolidated revenue during this financial quarter.

For clarity, “Square bought $170 million worth of Bitcoin, the company revealed in its fiscal fourth-quarter financial report Tuesday. The company said it purchased approximately 3,318 Bitcoins, expanding on its October 2020 buy of 4,709. Square said it represents about 5% of the company’s total assets as of the end of 2020.”

Jack Dorsey the Tattooed entrepreneur has been CEO of Twitter.  He is also the CEO of the Small Business Payments Company Square since 2015.

Jack Dorsey leads Square. Dorsey co-founded Twitter in 2006 with Ev Williams, Biz Stone and Noah Glass, and was CEO until 2008. He returned in 2015.  Dorsey co-founded Square with Jim McKelvey in 2009, then took it public in 2015.

Square follows the mission of “The future of business is yours to hope.” Their solutions are based on what works for whatever’s next. They make it possible for small businesses to sell online and in person, ship it deliver it or offer pickup, hardware for contactless payments, and gain access to business loans and cash flow tools.

Just reinstating that Square are in to almost all kinds of business types like in retail, food and beverage, enterprises, professional services.

For retail, they facilitate all the retail tools one might need from opening to close whether in-store or online.  In Food and beverage, it can be tools for the front of the house, back of the house and everything in between. Professional services like solutions for beauty, health, repair, and other professionals.  For enterprise, build custom solutions with their scalable and secure platform.

Thus, Square who are in to the business of dealing with small businesses of everyday things while staying connected with them are aware of the potential of Bitcoin as a store of value. This just means that BTC investment makes sense.

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Maheen Hernandez

A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5

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