Jack Dorsey Twitter CEO

Jack Dorsey Supports Bitcoin Saying He Loves It

· in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Jack Dorsey, the founder of Twitter and a Bitcoin (BTC) supporter has renewed its support to the most popular digital asset in the market. In a recent earnings call related to Square’s Q2 2019 results, Dorsey said that they “love” Bitcoin. 

Jack Dorsey Supports Bitcoin

In this earnings call, Dorsey explained that there was a very positive impact on Cash App revenue when they started to accept Bitcoin. Excluding the most popular virtual currency, Cash App generated $135 million in revenue. Meanwhile, Bitcoin’s revenue alone accounted for $125 million, almost 50% of all the revenue of the application. 

About it, Jack Dorsey commented:

“We love you, Bitcoin. We saw 4.5million customers use Cash Card in June, typically using it to purchase multiple times per week. Our seller and Cash App ecosystems have incredible roadmaps ahead to deliver on our purpose of economic empowerment.”

On August 1, the investor Kevin Rooke mentioned that 7% of all Bitcoin mined in the past three months was acquired using an application that didn’t exist two years ago. 

This shows how important is to have applications and services such as the one offered by Cash App and other apps. It is worth mentioning that during the first quarter of the year, Bitcoin sales through the Cash App were just $65.5 million, which means that in just a few months, the application more than doubled its revenue. 

Bitcoin has been growing during the last months and in June, the digital currency surged above $13,700 for a short period of time. The second quarter was very good for Bitcoin and its price performance, allowing it to surpass $10,000 for the first time in more than an entire year. 

Currently, Bitcoin is being traded around $10,650 and it has a market capitalization of $190 billion. In the last 24 hours, the digital currency surged 6.32% according to CoinMarketCap. 

A few months ago, Dorsey explained that Bitcoin could eventually become a global internet currency. He said at that time that Bitcoin incentivizes savings rather than spending, which is very positive for the whole market. 

On the matter, he commented:

“The fact that it’s meant to be deflationary meant to incentivize savings instead of spending, I think is a net positive for the world and how we think about consuming. Because it is a scarce resource, it has a probability of always increasing in value, which makes you consider a lot more how you spend it.”

Try Out Binance Today

For over two years, UseTheBitcoin has done the research, covered the news, and helped readers find the best blockchain projects. The one thing we keep coming back to is Binance.

Binance has set itself apart as the best trading platform for beginners and experienced traders, and gives you hundreds of coins to invest in. Start trading today on Binance!

Build a winning crypto portfolio
Free report teaches how to structure your crypto portfolio, so you can maximize gains and minimize losses.