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.
About 7% of all Bitcoin mined in the past 3 months was acquired via a single app that didn't exist two years ago
Let that sink in https://t.co/diYtdR29D2
— Alistair Milne (@alistairmilne) August 1, 2019
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.”
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