Square’s Cash App sold $ 150 million to Bitcoin in the third quarter
Fintech giant Square has thrilled the Bitcoin industry with its latest earnings report; the company’s main product, the Cash App, sold in the third quarter 2019 BTC worth 148 million dollars. This marks a significant interest in cryptocurrencies from Square’s American clientele.
Cryptanalyst Kevin Rooke pointed out that this is the sixth quarter with positive growth from Square. Rooke also noted that Square’s Bitcoin sales have now grown by 464 percent year-on-year, even though BTC was down more than 36 percent below its previous all-time high of 20. .
Square customers bought $ 150 million of Bitcoin last quarter on Cash App!
That’s a 6th straight quarter of growth and 464% growth YoY.
TO THE MOON 🚀 pic.twitter.com/dplqYCwM3b
– Kevin Rooke (@kerooke) November 6 2019
While $ (millions) may not sound like a large quarterly volume, analysts observed earlier this year that bitcoin Sales of the cash app absorb a large part of the daily scraped bitcoin.
Yassine Elmandrja, ARK Invest’s resident cryptoasset analyst, noted that when the BTC’s sales from Square to the mid-point halftime Square alone already shows an incredible demand. In other words, a single application could soon remove the full natural selling pressure of the mined coins that Bitcoin faces on a daily basis.
If BTC sales on Square Cash maintain current growth rates, then by the next Bitcoin halving (May 2019), roughly 2 BTC wants to be on Square Cash for every new BTC that is mined. pic.twitter.com/GPxXhaGK15
– Yassine Elmandjra (@yassineARK) May 1
Make Bitcoin the currency of the Internet
Given the growth of Square’s crypto business, it should not be surprising that the fintech company is investing in the development of crypto and blockchain.
Just last month, the company completed the hiring process for its core developer group for the Square Crypto project. The company also granted a substantial subsidy for an open source Bitcoin payment product.
The reason: Square and Twitter CEO Jack Dorsey believes that Bitcoin is the “best choice” to become the native currency of the Internet. The question why Bitcoin has more potential than e.g. Ethereum, Dorsey has noted that the original cryptocurrency is “the most resilient, it has existed since Years ago, it has a great brand and has been tested a lot. ”
Text Proof: newsbtc
Last update: Thursday, November 7