"Wow it looks like Dorsey is a big supporter of BTC."
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).
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.
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.
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.
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.
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.
The following steps taken by Dorsey have shown how committed his company is to promoting the use of BTC.
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".
