29.9 C
New York

Cash App Reports $1.96B In Bitcoin Revenue In Q4 2021

Date:

Cash App Reports $1.96B In Bitcoin Revenue In Q4 2021

Block, the parent company of Square, Cash App, Spiral, TIDAL, and TBD, released Cash App’s Q4 2021 results, which demonstrate how providing Bitcoin brokerage services might be a good business strategy.

During Q4 2021, Cash App generated $1.96 billion in bitcoin revenue and $46 million of bitcoin gross profit, up 12% and 14% year-over-year (YoY), respectively. The compounding annual growth rate (CAGR) for Cash App’s bitcoin revenue and gross profit grew 232% and 285% YoY, respectively. As of December 31, the fair market value of the company’s bitcoin holdings was $371 million.

In a Twitter space that took place on February 16, Jack Dorsey, CEO of Block and ex-CEO of Twitter, had as much to say about Bitcoin as one might imagine.

“For bitcoin — and in all the other projects around it — I think if we’re increasing transparency within the next five to 10 years; if we’re increasing participation, and that participation is globally represented; if we’re providing daily utility, especially in the form of currency, globally — that is success,” he said.

Dorsey’s enthusiasm for Bitcoin has become even more apparent since his departure from Twitter as he has pushed a number of different initiatives at Block related to the peer-to-peer currency.

In the Twitter Space mentioned above, Jack reiterated the importance of Bitcoin and the responsibility he feels towards it: “This is meant to be a potential replacement to the US dollar’s dominance, and you can’t screw that up.”

In fact, Spiral, the independent subsidiary of Block dedicated to open-source Bitcoin development, is focused solely on advancing the adoption of Bitcoin as it continues to grow “like a spiral from a single point, encompassing more and more space until it touches everything” and eventually becomes a global currency.

During the fourth quarter of 2021, Block raked in gross profit of $1.18 billion, up 47% YoY, while Cash App generated gross profit of $518 million, up 37% YoY. The Square ecosystem generated gross profit of $657 million, 54% higher than the previous year.

Related articles

spot_img

Recent articles

spot_img