Just over a year ago traditional market pundits were calling for Jack Dorsey’s head. Analysts and financial media pundits had decided that he was unfit to lead two companies at the same time (Twitter and Square) and either needed to choose one or the other – or bow out of both. Twitter and Square had struggled to make meaningful progress as the market pushed forward.
But then Bitcoin and the crypto community stepped in.
Square’s Cash app, which added cryptocurrency functionality in January, has defied Bitcoin price trends ever since, growing its user base despite the overall Bitcoin market activity decreasing. Square’s crypto rollout saw major fanfare at the time, with users broadly welcoming the upgrade as something to celebrate.
Downloads of Square Cash year-on-year were up over 150 percent in June, Dolev notes, also focusing on the comparatively lackluster results of Square obtaining regulator permission to serve New York residents.
The year over year growth in both Square’s Cash App and Twitter (both have seen their stock prices nearly double) has effected a complete turnaround for Dorsey and his perceived abilities as a ‘dual-CEO’. Now, pundits applaud his abilities to scale and push each platform forward. And Dorsey often gives crypto a knowing nod when discussing the renewed fortunes of both companies.
Crypto Twitter is a real thing and has been a large part of the uptick in user growth for the social media platform. Dorsey has discussed the crypto dynamic on each of Twitter’s last three quarterly conference calls.
Bitcoin functionality has made the Square Cash App a favorite of crypto enthusiasts, even if the Cash App costs more to use than it’s counterparts, Venmo and PayPal. In fact, Venmo and PayPal user growth have stagnated over the last year as the Cash App has thrived.
The crypto dynamic isn’t just an interesting talking point anymore for both firms (Dorsey has endorsed Bitcoin as the future of money and a possible ‘one world currency’), but rather fast-growing profit segments as users both discuss the ups and downs of crypto and use it for daily purchases within the Cash App.
Dorsey deserves enormous kudos for using forward-thinking connected to crypto functionality within the Square ecosystem (again, Venmo and PayPal have yet to do so) and embracing the crypto Twitter phenomenon even as some have called for intervention in that space.
And the results are clear – Dorsey is a superstar.