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twitter co-founder Jack Dorsey said that his financial technology company, Block, will reserve 10% of the gross profits generated by its bitcoin products for the purchase of btc on a monthly basis.
“Our investment in bitcoin transcends technology; “It is an investment in a future where economic empowerment is the norm.” Dorsey he said in a May 2 letter to shareholders.
Block held 8,038 btc worth $573 million as of March 31, the company's latest earnings showed. These holdings in the leading cryptocurrency have reported paper profits of $233 million.
The block works better than expected
The company also beat analysts' expectations. With adjusted earnings of 85 cents per share, Block's (SQ) share price was 13 cents higher than the target set by many investors and traders.
Revenue reached $5.97 billion, more than the $5.82 billion projected by Wall Street. Overall, the company's gross profit increased 22% compared to the first quarter of last year.
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The DCA block is selling bitcoins every month. Here's how your business can do it too: https://t.co/xabpCVZdn8
— cat (@jack) twitter.com/jack/status/1786129834080419953?ref_src=twsrc%5Etfw”>May 2, 2024
Meanwhile, Block's gross profit in the first quarter through the sale of btc through its Cash App increased by almost 60% year-on-year and stood at $80.1 million. The amount of bitcoin sold to customers increased by 26% over the past year.
As a result, the fintech's bitcoin revenue reached $2.73 billion in the first quarter. The increase in the average price of btc during the last quarter was one of the main reasons for the increase in revenue, Block said.
Jack Dorsey believes the Internet will have its own currency
Dorsey is devoting “so much time” and energy to bitcoin because of his belief that “the world needs an open protocol for money,” he said.
His dedication to btc It's not affecting Block much, however, as Dorsey revealed that “less than 3% of the company's resources are dedicated to bitcoin-related projects.”
“The Internet will have a native currency; It’s just a matter of time,” she wrote. Until this happens, existing and emerging technologies will “operate in parallel,” Dorsey added.
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