While the US government has shown its intense dislike and mistrust for Bitcoin, Corporate America is smitten with the cryptocurrency and has fallen head over heels for it.
Square which is one of the largest payments processing firms on earth has a division for cryptocurrencies and a Bitcoin lover is heading it!
Jack Dorsey who has been involved in both Twitter and crypto has made his love for Bitcoin publicly known.
Recently, in the second quarter letter (2019 financial results) to shareholders, the emphasis on Bitcoin was quite obvious.
Bitcoin transactions on square’s Cashapp reached an all-time high of $125 million compared with the rest of Cashapp’s earnings of $135 Million.
This, of course, indicates that Bitcoin’s earnings for this quarter as far as the square is concerned almost rivaled the rest of its business!
This also goes to show that 7% of all Bitcoins ever mined were acquired using Cashapp.
And these coins were mined in the last three months.
So much so that acclaimed Bitcoin enthusiast and big-time investor Kevin Rooke mentioned this a few days ago in his tweet.
Of course, Jack had to say during a conference call: “We love you Bitcoin!”
Now, the focus of Square has started shifting from mainstreaming of its Cashapp to Bitcoin development.
During an “ask-me-anything” session on Twitter, Steve Lee who heads the crypto division of square pointed out the direction that the company is taking.
He said: “The product we’re focusing on is Bitcoin. It has been up and running for over 10 years… but there’s still a lot that needs to be done before we reach mass adoption” – Steve.
Jack, of course, has been known to be a crypto fan for many years.
So, it is not unusual for him to make such statements.
What’s important to note though is that a CEO of Two Corporate Giants just endorsed Bitcoin officially.
And the CEO of a platform known for starting political revolutions might just start a financial one.
What does this mean?
Bitcoin is about to explode!
What do you think? Will Corporate America fully accept and adopt Bitcoin?