Unexpected Stock Surge
This week has been nothing short of electrifying for investors in Twitter and Square as their shares skyrocketed, thanks in large part to the renewed interest in Bitcoin’s Lightning Network. Twitter’s stock (TWTR) jumped nearly 20%, while Square (SQ) reached impressive heights of $81.65, marking a near 10% increase just this week alone, and a whopping 25% growth since the beginning of the year. Not too shabby for a couple of tech companies, right?
Turnover Triumph
In a surprising twist of fortune, Twitter has crossed the $1 billion threshold in quarterly revenues for the first time, making investors feel like they’ve hit the jackpot. According to a JPMorgan analyst, 2020 is shaping up to be a “big investment year,” hinting at great things ahead for Square and potentially their partnership with Bitcoin technology.
Meet the Dynamic Duo: Jack Dorsey
Both Twitter and Square share a common bond—Jack Dorsey, their spirited CEO, who has become the poster child for both companies’ commitment to the Bitcoin Lightning Network. With a dazzling track record of success, Dorsey remains steadfast in his mission to integrate this cutting-edge technology into both platforms.
The Wonders of Layer 2 Technologies
So, what’s all this fuss about the Bitcoin Lightning Network? Think of it like a personal express lane for Bitcoin transactions. This layer 2 tech is designed to make transactions swift and nearly free by moving payments off-chain. Dorsey is leaving no stone unturned, even securing a patent for real-time crypto-to-fiat currency swaps for Square. Talk about making waves!
Square’s Investment in the Future
Square’s involvement with the Lightning Network doesn’t stop at patents. Dorsey has also directed investment towards Lightning Labs, the brains behind the Lightning protocol. Recently, Lightning Labs bagged about $10 million in a Series A funding round, setting the stage for even more groundbreaking innovations in the crypto space. Remember when Elizabeth Stark, CEO of Lightning Labs, compared the Lightning Network to Visa’s payment processing? Well, listeners were nodding in agreement.
The Cash App Phenomenon
In addition to generating buzz with its Lightning initiatives, Square’s Cash App has received rave reviews for allowing users to buy Bitcoin seamlessly. The estimated 15 million users of the app have shown a growing interest in BTC, and the number of Bitcoin buyers using Cash App doubled in the third quarter of 2019. Popularity indicators, like Google Trends, show a steady increase in searches for “Cash App,” which naturally draws attention back to Bitcoin and the Lightning Network.
The Network’s Size and Growth
With the Lightning Network currently comprising over 13,000 nodes and 36,000 channels, it boasts nearly $8.5 million in locked BTC according to monitoring service 1ml.com. As these numbers fly up faster than your morning coffee can kick in, it’s clear: Bitcoin and its Lightning Network are not just trends—they’re here to stay!
