Twitter founder, Jack Dorsey is again bullish on world’s largest cryptocurrency. He makes an optimistic statement on Bitcoin, saying, “We Love You, Bitcoin” during Square’s Earnings Call of Q2 2019.
We Love You, Bitcoin – Jack
Besides Twitter, Jack Dorsey is the CEO of Square, a Payment solutions provider which emerged in the year 2009 much similar to the year when Bitcoin appeared. Three co-founders founded square; Jim McKelvey, Jack Dorsey, and Tristan O’Tierney.
It’s worth to tone that Jack’s Square launched a simple and easy to use the app, Square Cash, which later renamed to “Cash App.” Accordingly, the product or application is accessible for users to request and transfer money to another user more conveniently and effectively.
To make it more interesting, trending and easy, the company integrated Bitcoin payment support in the mid of November 2017 which got launched in late January 2018 officially.
Since then the company began accomplishing a significant milestone, one such achievement was BitLicense. Back in 2018, Jack’s Square received BitLicense from DFS(New York State Department of Financial Services). As a result, it made CashApp to offer service in New York as well, which was not possible without BitLicense.
Nevertheless, in the latest Q2 report, it is shown that the company secured “strong revenue growth at scale,” including service related to bitcoin. Specifically, earning call mentioned, “Bitcoin revenue benefited from increased volume as a result of the increase in the price of bitcoin, and generated $2million of gross profit”. Mr.Dorsey in Q2 2019 Earning Conference Calls states that;
The Cash App ecosystem continues to exceed our expectations. In just three years, Cash App revenue performed basically $0 million to $135 million, excluding Bitcoin. We love you, Bitcoin.
Even though Bitcoin isn’t trading at a figure as high as the figure in late 2017, but the recovery of price in 2019 from the crash in 2018 is quite remarkable. At the moment, Bitcoin is up with 5.27 percent over the past 24 hours and is trading at the value $10510 against US Dollar.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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