Bitcoin Bonanza: Square’s Impressive Q2 Figures
In a remarkable turn of events, Square has reported $125 million in Bitcoin revenue for the second quarter of 2019. This impressive figure comes courtesy of its popular mobile payment service, Cash App. The excitement doesn’t end there; Square’s Q2 2019 shareholder letter dropped this information on August 1, revealing the substantial impact of Bitcoin’s price rally on their earnings.
Breaking It Down: How Bitcoin Revenue Stacks Up
To put things in perspective, Square’s gross profit from Bitcoin sales reached $2 million. This amount is quite significant when considering that Cash App garnered $135 million from its various subscription and transaction services combined. In simpler terms, Bitcoin revenue is nearly neck and neck with other income streams – who would have thought?
Dramatic Growth: A Year in Review
Reflecting on the previous quarter, Square announced in May that its Bitcoin sales hit a new high of $65.5 million in Q1 2019. Fast forward to Q2, and the company has more than doubled that revenue. Talk about a meteoric rise! It seems that every time we blink, Bitcoin is redefining the boundaries of revenue generation.
Square’s Bitcoin Advocacy: Riding the Crypto Wave
Square isn’t just riding the Bitcoin wave; they’re paddling ferociously! Steve Lee, a project manager over in the Square Crypto division, shared their enthusiasm during a recent Twitter Q&A. Lee passionately proclaimed the company’s bullish stance on Bitcoin, emphasizing that they are, in fact, “very, very pro-Bitcoin.” Sounds like a match made in crypto heaven!
New Features and Limitations: Bitcoin Deposits on Cash App
In late June, Square took another step in enhancing its Cash App offerings by introducing a Bitcoin deposits feature. This new functionality allows users to deposit their Bitcoin from external wallets into Cash App. However, not everything is sunshine and rainbows; users should be aware of certain limitations. For instance, there is a cap of $10,000 in Bitcoin deposits every seven days, and transactions may take several hours for blockchain confirmation. So, patience is indeed a virtue!
“This is not just a passing trend; it’s a revolution in how we think about transactions,” says a Squarespace enthusiast.
In conclusion, it’s safe to say Square is setting the stage for a bold future in the cryptocurrency domain. With Bitcoin earnings soaring and innovative features like cash deposits, one can hardly ignore the tidal wave of change in the payments landscape!
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