Twitter CEO Jack Dorsey’s payment firm Square has posted another record quarter thanks to Bitcoin.

The company beat Wall Street expectations as soaring demand for bitcoin fueled a jump in cryptocurrency transactions on its peer-to-peer payment service Cash App.

Cash App generated $3.51 billion in Bitcoin revenue, up 11x from a year earlier at $306 million. This record number came in the quarter when the largest cryptocurrency became a trillion-dollar crypto asset, with the BTC price going from just under $30k to $62k.

Meanwhile, the gross profit from Bitcoin transactions was $75 million, which is the fees that Square collects, another all-time high.

Square represents one of the best data sets on retail investment trends on Bitcoin, notes crypto trader Light.

During the company's post-earnings call, Jack Dorsey told analysts that they view bitcoin as “the internet’s potential to have a native currency.” He said,

“This is going to be a long-term focus, enabling bitcoin to be a native currency. It removes a bunch of friction for our business, and we believe fully that it creates more opportunities for economic empowerment around the world.”

In February this year, San Francisco-based Square invested $170 million in Bitcoin that increased its bet on the digital assets from $50 million in Q4 of 2020, overall representing about 5% of its total cash.

The company's record Q1 2021 was also strengthened by the shift to digital transactions spurred by the pandemic that had gross payment volumes on Square rising 29% to $33.1 billion.

The total net revenue of the company jumped about four-fold to $5.06 billion.

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