Jack Dorsey Reveals Q2 Report, A Lot Of Revenue Comes From BTC!

<p>&nbsp;"Wow it looks like Dorsey is a big supporter of BTC."</p><p><br /></p><p>The firm Block Inc founded by Jack Dorsey which reported its gross profit of $1.87 billion in the financial results of the second quarter of 2023 has revealed that $2.4 billion of its $5.5 billion in net income came through Bitcoin (BTC).</p><p><br /></p><p>The firm formerly known as Square has not only seen a 34% increase in BTC revenue but also solid profits in the second quarter of 2022.</p><p><br /></p><p>It is also worth noting that the BTC revenue for the Block Cash App business is $1.16 billion, which is a 39% increase compared to the same period in 2022.</p><p><br /></p><p><br /></p><p>The year-over-year increase in BTC revenue and gross profit was driven by a surge in the quantity of the digital asset sold to customers which in turn was a follow-up to the decline in BTC's average market price.</p><p><br /></p><p>In addition, the Block payment firm which is a popular tool for buying or selling BTC also did not record any loss of value in their BTC holdings which currently amount to $245 million.</p><p><br /></p><p>Back to the Block Cash App, the app last year implemented Layer-2 BTC i.e. Lightning Network to allow users to make small and fast payments through crypto.</p><p><br /></p><p>The following steps taken by Dorsey have shown how committed his company is to promoting the use of BTC.</p><p><br /></p><p>In June, Dorsey-backed Bitkey launched a beta for a BTC wallet that will allow users to withdraw BTC from their Coinbase wallet and Cash App using "copy and paste".</p>