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.
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.
#BitcoinTwitter and #CryptoTwitter! Square is hiring 3-4 crypto engineers and 1 designer to work full-time on open source contributions to the bitcoin/crypto ecosystem. Work from anywhere, report directly to me, and we can even pay you in bitcoin! Introducing @SqCrypto. Why?
— jack 🌍🌏🌎 (@jack) March 20, 2019
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.
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