• Jack Dorsey’s payment company Block posted strong growth revenues and profits for the fourth quarter of 2022 thanks to its Cash App digital wallet protocol.
• Bitcoin suffered its worst year on record in 2022, losing more than 70 percent of its overall value.
• Block posted $1.6 billion in gross profit during the fourth quarter of 2022 and Cash App saw a 64 percent boost in its gains, implying crypto use remained steady despite bearish conditions.
Jack Dorsey’s Block Posts Heavy Bitcoin Revenues in 2022
Nick Marinoff · March 28, 2023 · 5:00 pm Bitcoin and other forms of digital currency may have been hit hard pricewise over the last 13 months, but Block – the payment company formerly known as Square and started by ex-Twitter head Jack Dorsey – has posted strong growth revenue and profits for the fourth quarter of 2022 primarily thanks to its Cash App digital wallet protocol.
Bitcoin Suffers Worst Year On Record
Bitcoin suffered its worst year on record in 2022. The world’s number one digital currency by market cap rose to a new all-time high of about $68,000 per unit at the end of 2021, and everyone truly thought the currency was on top of the financial ladder and could never be brought down. Boy, were they wrong! From there, the currency began a series of price dips that ultimately saw it end 2022 in the mid-$16K range, thus having lost more than 70 percent of its overall value. It was a sad and ugly sight to see, but things didn’t quite stop there. Many additional cryptocurrencies – including Ethereum – decided to follow in BTC’s footsteps, and by the time they were all done traveling through the doldrums, the crypto space had lost more than $2 trillion in overall valuation.
Block Records Profits Despite Bearish Market Conditions
The good news is that while the price of bitcoin and various other digital currencies may have suffered greatly, this didn’t stop people from exchanging, trading or using crypto, and the profits recorded by Block are legitimate proof of this. The company posted more than $1.6 billion in gross profit during the final three months of 2022. This was up nearly 40 percent from the $1.2 billion posted at the end of 2021. In addition revenue stood at $4.65 billion considerably higher than