Cash App Nets $125 Million in Revenue for Square

Max Keiser Remains Bullish on Bitcoin Over Other Cryptos
Max Keiser Remains Bullish on Bitcoin Over Other Cryptos
August 10, 2019
SEC Bitcoin ETF
SEC Once Again Delays Decisions on Bitcoin ETF’s
August 15, 2019

Cash App Nets $125 Million in Revenue for Square

Cash App Bitcoin News

Bitcoin (BTC) is constantly in the news because of its widely fluctuating market price. Billions have been made and billions have been lost for the leading cryptocurrency in the world. A post by Darryn Pollock on Decrypt and reposted on Yahoo Finance points to a big windfall for Square from BTC.

Making its mark as a leading online payment company, Square just netted $125 from a Cash App selling bitcoin. This figure is on a quarterly basis and it was generated through the increased sales of bitcoin. This figure also represents a nearly 100 percent increase from the preceding quarter’s revenue.

betanysports

How Does Cash App Net $125 Million in Revenue for Square?

The gross profit from the Cash App was $2 million from the sale of bitcoin alone. The primary reason for the massive increase was tied to increased trading volume. The hefty increases in value followed by rapid drops in market prices fueled the situation.

The second quarter of 2019 was highly volatile for BTC and the entire crypto market. The early trading in the third quarter could produce the same results. The increase in revenue for Square in bitcoin sales has accelerated over each of the last five quarters. Revenue projections were $65.5 million in Q1 of this year. This produced a profit of $832,000.

Jack Dorey is the head of Square as well as Twitter’s CEO. He simply stated, “We love you, Bitcoin,” in a recent earning call to discuss the company’s recent financial results. He has been bullish in his correspondence on Twitter, but this was his first bold statement on Square’s earnings. He is also a heavy investor in Lightning Labs. This project is building a second layer scaling solution for the Bitcoin network.

Is Twitter’s CEO Jack Dorsey A Big Bitcoin & Cryptocurrency Investor?

Dorsey himself is a heavy investor in BTC. He relayed that he has been using his company’s Cash App to max out his weekly limits. Square continues to strengthen its ties with bitcoin. The subsidiary Square Crypto continues to hire blockchain engineers and designers. The goal is to make the crypto more user-friendly. The company is also closely engaged with the entire crypto community. They are used as a sounding board for current and possible future crypto endeavors.

Bitcoin is the No.1 way to fund your betting account at BetAnySports Bitcoin Casino & Sportsbook and all deposits and withdrawals have no transaction fees. Reduced juice options with -105 betting odds as well as the fastest payouts in the sports betting industry make BetAnySports the top online sportsbook for US players.

Summary
Cash App Nets $125 Million in Revenue for Square
Article Name
Cash App Nets $125 Million in Revenue for Square
Description
Twitter's CEO & Heavy Bitcoin & Cryptocurrency Investor, Jack Dorsey Discusses How Cash App Nets $125 Million in Revenue for Square.
Author
Publisher Name
Army Of Bitcoin
Publisher Logo

Comments are closed.