• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Square’s Cash App Sold $150M Worth of Bitcoin in Q3: 250% YoY Growth

Nick Chong by Nick Chong
3 years ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

Once again, fintech giant Square has shocked the Bitcoin industry with its latest earnings report; the company’s flagship product, the Cash App, sold $148 million worth of BTC in fiscal Q3 of 2019. This marks significant retail interest in cryptocurrency from Square’s American clientele.

Related Reading: Bitcoin Likely to Break Past $10,000 in Next Bout of Price Volatility

Crypto analyst Kevin Rooke pointed out that this is the sixth straight quarter of growth for this facet of Square’s business. Rooke also noted that Bitcoin revenues at Square are now growing by a jaw-dropping 244% year-over-year, despite the fact that BTC remains over 50% below its previous all-time high of $20,000.

Square customers bought $148 million of Bitcoin last quarter on Cash App!

That’s a 6th straight quarter of growth and 244% growth YoY.

TO THE MOON ? pic.twitter.com/dplqYCwM3b

— Kevin Rooke (@kerooke) November 6, 2019

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

While $150 million may not sound like a large quarterly volume metric, analysts observed earlier this year that Cash App’s Bitcoin sales were absorbing a large portion of BTC emissions.

In fact, as reported by NewsBTC previously, Yassine Elmandrja, ARK Invest’s resident cryptoasset analyst, noted that if BTC sales “maintain current growth rates,” by the next halving event, “2 BTC will be purchased on Square Cash” for every one mined.

In other words, a single application could soon null all of the natural selling pressure of mined coins that Bitcoin faces every day. Of course, growth has slowed since Elmandjra’s analysis, but the point of BTC’s scarcity was made clear.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

If BTC sales on Square Cash maintain current growth rates, then by the next Bitcoin halving (May 2020), roughly 2 BTC will be purchased on Square Cash for every new BTC that is mined. pic.twitter.com/GPxXhaGK15

— Yassine Elmandjra (@yassineARK) May 1, 2019

 

Making Bitcoin the Currency of the Internet 

Considering the growth of Square’s cryptocurrency business, it should come as no surprise that the fintech firm is investing a fair chunk of change in building out an arm to work on crypto and blockchain.

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

Just last month, the firm completed the hiring process for its core group of developers for the “Square Crypto” project. The company also issued a large grant to an open-source Bitcoin payments product.

The reason: Square and Twitter CEO Jack Dorsey thinks Bitcoin is the “best bet” to become the native currency of the Internet. On the matter of why Bitcoin has more potential than, say, Ethereum, Dorsey has remarked that the original cryptocurrency has “been the most resilient, it’s around for 10 years, it has a great brand and it’s been tested a bunch”.

Related Reading: No, China Isn’t Banning Bitcoin Mining: Chinese Crypto Insider
Featured Image from Shutterstock
Tags: bitcoinCash AppJack DorseyKevin Rookesquare
Tweet123Share223ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin Tumbles As Fed Opts For Restrictive Rates

Bitcoin Tumbles As Fed Opts For Restrictive Rates

9 hours ago
Bitcoin Bull Rally Fades, Mining Difficulty Surge By 0.63%

Bitcoin Bull Rally Fades, Mining Difficulty Surge By 0.63%

12 hours ago
Bitcoin

Why Bitcoin Is Cheap At $23,000, Says Fidelity Expert

12 hours ago
Cryptocurrency Market Drains $50B As Bitcoin Touches Weekly Lows

Cryptocurrency Market Drains $50B As Bitcoin Touches Weekly Lows

13 hours ago
Ether options surpass Bitcoin options

Flippening Forewarning? Ether Options Overtake Bitcoin As The Top Crypto To Trade

1 day ago
bitcoin

Bitcoin May Hit $10K As Price Slides Pre-FOMC Meeting

1 day ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Investors’ Attention Turn from Sushi (SUSHI) and Holo (HOT) To Favorite Degrain (DGRN)

August 19, 2022

Smart and Social Web3 Platform Blockify Raises $2.2M

August 19, 2022

Why are Runfy, Bitcoin and Tron being considered the next cryptos to explode in 2022

August 18, 2022

Keninah Concord: Saving The World With Blockchain-Based Solutions

August 18, 2022

How Adirize DAO, Litecoin and Floki Inu Could Be A Great Bear Market Opportunity

August 18, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.