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Jack Dorsey, Square overtakes Twitter thanks to crypto
Jack Dorsey, Square overtakes Twitter thanks to crypto
Crypto

Jack Dorsey, Square overtakes Twitter thanks to crypto

By Marco Cavicchioli - 7 Nov 2018

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Jack Dorsey, founder of Twitter, overtook the market capitalization of his own social network with Square, another company of which he is co-founder.

Square is an online payment and financial services company active also in the crypto world.

Both companies are listed on the stock exchange, but Square recently surpassed Twitter for market capitalization: 31 billion, against 26.

A year ago Square’s market capitalization was about half, so it has doubled in the last 12 months.

Jack Dorsey has been openly in favour of bitcoin for some time now, perhaps also because it is giving him great satisfaction: thanks to cryptocurrencies, Square is now worth more than Twitter, and Dorsey once again seems to have been right to bet on it.

Although in 2018 the value of bitcoin remained on average relatively low at around $6,500, the value of Square has steadily accelerated.

According to some experts, the real success of the app started with bitcoin but then continued to grow for other reasons.

In June, for example, Square was given permission to allow New Yorkers to exchange crypto on its app, opening up new markets that were closed to other exchanges.

The app was launched in 2015, but it was only with the addition of crypto trading that it made the leap in quality by winning over many new users.

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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