Jack Dorsey's cryptic '705742' tweet leaves crypto fans wondering - did Square mine its 1st bitcoin block?

• Jack Dorsey's '705742' tweet on Tuesday left crypto enthusiasts on Twitter guessing what he meant.
• "Your first block reward? Block 705742 was mined about 3 hours ago, around the same time the tweet was tweeted," one fan said.
• Dorsey said last week that Square is looking at building a bitcoin mining system for the masses.

Twitter and Square CEO Jack Dorsey left a lot of crypto enthusiasts scratching their heads when he posted the terse and enigmatic tweet "705742" on Tuesday.

That was it. No follow-up explanation, no thread laying out the topic. So people dived in to speculate - with most of them guessing it was related to bitcoin in some way.

"#BTC price target?" one Twitter user asked.

"Your first block reward? Block 705742 was mined about 3 hours ago, around the same time the tweet was tweeted," another user said.

On Friday, Dorsey said digital payments company Square is looking into building a simple-to-use bitcoin mining system for individuals and businesses worldwide.

The process of crypto mining generates bitcoins every 10 minutes. For the first four years of bitcoin's existence, 50 bitcoins were issued in that period. Every four years, the amount is cut in half. Only one block - yielding 6.25 bitcoin - is minted every 10 minutes as of October 2021. The halving in 2024 is set to happen on block 840,000.

"Knowing the notoriety and reputation that Jack holds as a successful tech entrepreneur and bitcoin advocate, his tweet could have caused lots of buy pressure before and during that block confirmation," Adrian Kolody, founder of decentralized exchange Domination Finance told Insider.

"It's very typical for highly influential people to influence price action in the crypto market, no matter the market cap," he added.

"At the end of the day, it's just Jack Dorsey making a simple prediction of what block confirmation would breach another (all-time high) for bitcoin."

Bitcoin hit a new all-time high above $66,000 on Wednesday, according to data from CoinDesk, and is up 126% so far this year. The digital asset got a lift from this week's launch of the first US futures-based bitcoin ETF.

As for the suggestion "705742" could be a price target, there are market observers setting their sights high. Cathie Wood of Ark Invest has put a long-term price target of $500,000 on the digital asset.

Dorsey is influential in the crypto industry, and he has tweeted often about Square's bitcoin-related ambitions. In July, he revealed it planned to launch a decentralized finance business focused on the cryptocurrency.

In September, Twitter rolled out a feature that allows anyone using the social media platform to send and receive tips in bitcoin.

Square did not respond to Insider's request for comment on Dorsey's tweet.

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