{"id":403505,"date":"2019-11-06T21:40:34","date_gmt":"2019-11-06T21:40:34","guid":{"rendered":"https:\/\/wncen.com\/?p=403505"},"modified":"2024-06-11T13:33:47","modified_gmt":"2024-06-11T13:33:47","slug":"squares-cash-sold-150m-worth-bitcoin-q3","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/squares-cash-sold-150m-worth-bitcoin-q3\/","title":{"rendered":"Square&#8217;s Cash App Sold $150M Worth of Bitcoin in Q3: 250% YoY Growth"},"content":{"rendered":"<p>Once again, fintech giant <a href=\"https:\/\/www.cnbc.com\/2019\/11\/06\/trader-bets-square-moves-10percent-on-earnings.html\" rel=\"nofollow\">Square<\/a> has shocked the Bitcoin industry with its latest earnings report; the company&#8217;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&#8217;s American clientele.<\/p>\n<h6 style=\"text-align: center\">Related Reading:<a href=\"https:\/\/wncen.com\/2019\/11\/06\/bitcoin-likely-to-break-past-10000-in-next-bout-of-price-volatility\/\"> Bitcoin Likely to Break Past $10,000 in Next Bout of Price Volatility<\/a><\/h6>\n<p>Crypto analyst Kevin Rooke <a href=\"https:\/\/twitter.com\/kerooke\/status\/32121861\" rel=\"nofollow\">pointed out<\/a> that this is the sixth straight quarter of growth for this facet of Square&#8217;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.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Square customers bought $148 million of Bitcoin last quarter on Cash App!<\/p>\n<p>That\u2019s a 6th straight quarter of growth and 244% growth YoY.<\/p>\n<p>TO THE MOON \ud83d\ude80 <a href=\"https:\/\/t.co\/dplqYCwM3b\" rel=\"nofollow\">pic.twitter.com\/dplqYCwM3b<\/a><\/p>\n<p>&mdash; Kevin Rooke (@kerooke) <a href=\"https:\/\/twitter.com\/kerooke\/status\/32121861?ref_src=twsrc%5Etfw\" rel=\"nofollow\">November 6, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>While $150 million may not sound like a large quarterly volume metric, analysts observed earlier this year that Cash App&#8217;s Bitcoin sales were absorbing a large portion of BTC emissions.<\/p>\n<p>In fact, as <a href=\"https:\/\/wncen.com\/2019\/05\/02\/square-cashs-bitcoin-btc-sales-go-parabolic-signals-renewed-crypto-hype\/\">reported by NewsBTC previously<\/a>, Yassine Elmandrja, ARK Invest\u2019s resident cryptoasset analyst, noted that if BTC sales \u201cmaintain current growth rates,\u201d by the next halving event, \u201c2 BTC will be purchased on Square Cash\u201d for every one mined.<\/p>\n<p>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&#8217;s analysis, but the point of BTC&#8217;s scarcity was made clear.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">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. <a href=\"https:\/\/t.co\/GPxXhaGK15\" rel=\"nofollow\">pic.twitter.com\/GPxXhaGK15<\/a><\/p>\n<p>&mdash; Yassine Elmandjra (@yassineARK) <a href=\"https:\/\/twitter.com\/yassineARK\/status\/81705986?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 1, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<h2><strong>Making Bitcoin the Currency of the Internet\u00a0<\/strong><\/h2>\n<p>Considering the growth of Square&#8217;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.<\/p>\n<p>Just last month, the firm completed the hiring process for its core group of developers for the &#8220;Square Crypto&#8221; project. The company also issued a large grant to an open-source Bitcoin payments product.<\/p>\n<p>The reason: Square and Twitter CEO Jack Dorsey thinks Bitcoin is the \u201cbest bet\u201d 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 \u201cbeen the most resilient, it\u2019s around for 10 years, it has a great brand and it\u2019s been tested a bunch\u201d.<\/p>\n<h6 style=\"text-align: center\">Related Reading:<a href=\"https:\/\/wncen.com\/2019\/11\/06\/no-china-isnt-banning-bitcoin-mining-chinese-crypto-insider\/\"> No, China Isn\u2019t Banning Bitcoin Mining: Chinese Crypto Insider<\/a><\/h6>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Once again, fintech giant Square has shocked the Bitcoin industry with its latest earnings report; the company&#8217;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&#8217;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&#8217;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\u2019s a 6th straight quarter of growth and 244% growth YoY. TO THE MOON \ud83d\ude80 pic.twitter.com\/dplqYCwM3b &mdash; Kevin Rooke (@kerooke) November 6, 2019 While $150 million may not sound like a large quarterly volume metric, analysts observed earlier this year that Cash App&#8217;s Bitcoin sales were absorbing a large portion of BTC emissions. In fact, as reported by NewsBTC previously, Yassine Elmandrja, ARK Invest\u2019s resident cryptoasset analyst, noted that if BTC sales \u201cmaintain current growth rates,\u201d by the next halving event, \u201c2 BTC will be purchased on Square Cash\u201d 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&#8217;s analysis, but the point of BTC&#8217;s scarcity was made clear. 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 &mdash; Yassine Elmandjra (@yassineARK) May 1, 2019 &nbsp; Making Bitcoin the Currency of the Internet\u00a0 Considering the growth of Square&#8217;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. Just last month, the firm completed the hiring process for its core group of developers for the &#8220;Square Crypto&#8221; 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 \u201cbest bet\u201d 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 \u201cbeen the most resilient, it\u2019s around for 10 years, it has a great brand and it\u2019s been tested a bunch\u201d. Related Reading: No, China Isn\u2019t Banning Bitcoin Mining: Chinese Crypto Insider Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":397422,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,14724,13179,59981,3946],"class_list":["post-403505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-cash-app","tag-jack-dorsey","tag-kevin-rooke","tag-square"],"acf":[],"yoast_head":"\n<title>Square&#039;s Cash App Sold $150M Worth of Bitcoin in Q3: 250% YoY Growth<\/title>\n<meta name=\"description\" content=\"Once again, fintech giant Square has shocked the Bitcoin industry with its latest earnings report; the company&#039;s flagship product, the Cash App, sold $148\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/squares-cash-sold-150m-worth-bitcoin-q3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Square&#039;s Cash App Sold $150M Worth of Bitcoin in Q3: 250% YoY Growth\" \/>\n<meta property=\"og:description\" content=\"Once again, fintech giant Square has shocked the Bitcoin industry with its latest earnings report; 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