The bitcoin price has been boosted over the last few months by a raft of positive news for the bitcoin and cryptocurrency industry, including bullish surveys, technical developments, institutional support, and traditional investor endorsements. This has prompted Jack Dorsey, the chief executive of micro-blogging social network Twitter and Square, to take further steps toward incorporating bitcoin and cryptocurrencies into Square.
Square says it plans to “improve money” though its bitcoin and crypto development. Square Crypto announced its intention to hire its first dedicated employee. Bitcoin and cryptocurrency investors hope Square will lead a wave of fresh bitcoin adoption.
“We are close to making our first hire,” Square’s cryptocurrency business said via Twitter. “So let’s set some expectations. True to @jack’s founding tweets, we are building open source projects that will make mass adoption not just possible but inevitable.”
In March, Dorsey said Square would be hiring three or four bitcoin and cryptocurrency engineers and one designer to work full-time on “open source contributions to the bitcoin and crypto ecosystem,” also promising to pay them in bitcoin if they wanted.
Dorsey, who’s previously said he thinks bitcoin is “likely” to become the internet’s first native currency, revealed he’s been buying a whopping $10,000 worth of bitcoin per week earlier this year and invested in a bitcoin and cryptocurrency hardware wallet to store his swelling bitcoin holdings.
Earlier this month Square reported strong growth in bitcoin sales through its Cash app in its first-quarter earnings.
Square reported $65.5 million in bitcoin revenue for the first quarter of 2019, while bitcoin costs came in just under revenue at $64.7 million—leaving a bitcoin profit of just shy of $1 million.
Square users across the U.S. can buy bitcoin through its Cash app.