Jack Dorsey: former Twitter CEO earns $66 million from Bitcoin sale
The former CEO of Twitter, Jack Dorsey, has led his payment company Block to generate 66 million dollars from the sale of Bitcoin (BTC). The gross profits increased by +90% compared to the previous year as shown in the Q4 2023 earnings report. This sale took place through Cash App, the mobile payment service available in the USA and UK developed by Block. Cash App allows users to easily buy, sell, send, and receive BTC with their cards or cash balances. In Q4 2023, only Cash App generated a total gross profit of 1.18 billion dollars, with a 25% increase compared to the previous year. The total amount of Bitcoin (BTC) sold to customers was 2.5 billion dollars, an increase of 37% compared to Q4 2022.
Jack Dorsey: from Twitter to Bitcoin
The current data highlights the interest of Twitter co-founder and former CEO, Jack Dorsey, in the payments sector and in Bitcoin. It was the end of 2021 when Dorsey left Twitter to focus on Bitcoin development, renaming Square to Block and previously Square App to Cash App. During June 2023, Cash App had announced the integration of Bitkey, the non-custodial Bitcoin wallet created by Dorsey. This latest increase in revenue and profit for Dorsey’s companies was primarily driven by the increase in the average market price of BTC.
The launch of the Ocean initiative for BTC mining
In Q4 2023, in addition to the increase in BTC prices, Jack Dorsey had announced the launch of the Ocean initiative for Bitcoin mining. This is a decentralized Bitcoin mining pool not managed by a single entity that can make arbitrary decisions. In addition to being decentralized, Ocean is also non-custodial so that miners who participate directly receive any BTC earned in real-time from the platform.
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