Twitter CEO Jack Dorsey’s Square nets billions from Bitcoin sales

Square Inc, the payments giant run by Twitter Inc CEO Jack Dorsey, reported overnight that selling Bitcoin had managed to net the company around US$4.6bn in revenue in 2020.

In an earnings report for the year ended December 31 released overnight on Tuesday, the company said that its Cash App mobile payment service had seen a “significant increase” in revenues over the period, primarily from Bitcoin-related revenues, which contributed 48% of total consolidated net revenue for the year.

The price of Bitcoin surged over the course of the year as the economic crisis caused by the coronavirus pandemic sent investors searching for assets they believed would serve as better value stores amid the volatility. Over the last 12 months, Bitcoin’s price has risen around 424%.

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