Over $166Million Worth of Bitcoin Sold through Square App in 2018
It is great news for the crypto family and in particular the Bitcoin community: the payment platform, Square reported that its users bought over $52million worth of BTC in Q4 of 2018 alone. This has not only surprised the crypto sphere but the App leader and Bitcoin diehard, Jack Dorsey.
The shares may be down at press time trading at $74 representing a drop of 6% but the App popularity is on the rise. BTC was enabled on the platform last year and users have the freedom to buy and sell directly from the Cash App.
The growth has rubbed Venmo which is owned by PayPal the wrong way and increased competition is on the horizon. According to Dorsey, Bitcoin is positioning itself to be the future of money. However, the Square App does not store a lot of BTC according to its balance sheet but approximately; the profits have hit the $1.7 mark as per the firm’s fillings.
Read also: Finally, We Know What Killed Mt. Gox in 2014
Square Excitement Hits Social Media
The announcement appears to have excited Square users and Bitcoin enthusiasts with some hitting social media to break the news:
Square customers bought $52 million of Bitcoin on the Cash App in Q4 2018. Bitcoin sales were over $166 million on the Cash App in 2018, growing every single quarter! To the moon, @jack!”
1:10 pm – 27 Feb 2019
The App has seen the USD/BTC purchase value climb by 22% in Q3 compared to 52% in Q1. However, data from the Block indicates the underlying BTC purchases hit over 70% between Q1 and Q4 translating to a growth of 200% from Q1 taking the BTC price as the denominator.
Overall, Square has sold more than $166million worth of BTC in 2018 and $52million this quarter. The App adoption is also on the rise with a total of over 15million active users in the month of December 2018, meaning it has doubled its user base on just one year.
Square Key Driving Force
According to Dorsey, the fast adoption of the Square Cash App is based on quality for the user and adds:
“Bitcoin for us is not stopping at buying and selling, we do believe this is a transformation technology for our industry and gives people more access to the financial system, so we are going to have a learning mindset and ensure we are learning and leading the industry from here.”
In a May interview during the industry conference in New York, Dorsey was very clear on the future of Bitcoins by saying:
“The internet deserves a native currency; it will have a native currency. I don’t know if it’ll be Bitcoin or not. I hope it will be.”