• Jack Dorsey’s payment company, Block (formerly known as Square), posted strong fourth-quarter revenue and profits in 2022 thanks to its Cash App digital wallet protocol.
• Bitcoin suffered its worst year on record in 2022, losing more than 70% of its overall value. However, this did not stop people from exchanging and using crypto, as evidenced by Block’s profits.
• Jack Dorsey remains confident in bitcoin and other digital currencies despite their bearish market performance.
Block Sees Strong Profits
Jack Dorsey’s payment company Block (formerly known as Square) has posted strong growth revenue and profits for the fourth quarter of 2022 primarily thanks to its Cash App digital wallet protocol. The company reported more than $1.6 billion in gross profit during the final three months of 2022, up nearly 40 percent from the $1.2 billion posted at the end of 2021. Revenue stood at $4.65 billion, considerably higher than the $4.1 billion posted for the same period in 2021; Cash App alone saw a 64 percent boost in its gains suggesting cryptocurrency use didn’t die down within its customer walls no matter how bearish things got.
Bitcoin’s Worst Year On Record
At the end of 2021, Bitcoin rose to a new all-time high of about $68,000 per unit but quickly began a series of price dips that ultimately saw it end 2022 in the mid-$16K range—having lost more than 70 percent of its overall value. This caused other cryptocurrencies such as Ethereum to follow suit and together they lost more than $2 trillion in overall valuation throughout the year.
The Crypto Space Remains Active
Despite Bitcoin’s performance last year, people continued to exchange, trade and use crypto as evidenced by Block’s profits—showing that cryptocurrency usage has not diminished among customers despite bearish market conditions or prices drops across digital currencies.
Jack Dorsey Still Believes In Crypto
Jack Dorsey—the current CEO of Block—remains confident in Bitcoin and other digital currencies despite their bearish market performance stating: “Looking ahead to 2023 and beyond we are focused on balancing growth and efficiency and will prioritize speed agility accountability.“ He shares many similarities with figures like software giant MicroStrategy founder Michael Saylor who also believes strongly enough to invest heavily into various forms of digital currency despite price volatility or drops over time .
Despite Bitcoin’s dismal performance over the last 13 months with prices dropping more than 70%, people still continue to exchange trade or use crypto leading companies such as Block posting strong growth revenues for their fourth quarter results due largely to their Cash App digital wallet protocol . Meanwhile figures like Jack Dorsey remain confident that these forms of digital currency will keep performing well long term regardless if anything else happens .