The Midas Touch of Bitcoin
Under the guidance of Jack Dorsey, Square, the payment provider with a penchant for innovation, has given birth to a revenue stream that most companies can only dream of. Remember that moment during the Q2 earnings call when Dorsey put his love for Bitcoin on full display? Yeah, we felt that too. The enthusiasm was palpable as he shared how Bitcoin became more than just a digital currency within the Cash App ecosystem—it turned into a financial juggernaut, responsible for an eye-popping $125 million in revenue.
Cash App: A Financial Powerhouse
Now, let’s break down that figure because it’s more impressive than my cooking skills on a Friday night. Square’s Cash App revenue totaled $135 million—not bad for a platform that’s only been around for a hot second! That means Bitcoin was practically the belle of the ball, making up over 90% of the revenue derived from subscriptions and transactions. Dorsey remarked, “We love you, Bitcoin,” and honestly, who could blame him?
Customer Engagement: A Love Story
If you thought love at first sight was reserved for rom-coms, think again! The Cash Card has captivated 3.5 million customers, with die-hard fans using it multiple times each week. It’s like the app is the prom queen, and Bitcoin is the dance partner everyone wants to be seen with. This burgeoning relationship between customers and Bitcoin might just be a sign of economic empowerment—and what’s not to love about that?
Bitcoin’s Boost to Stock Prices
Bitcoin doesn’t just line Dorsey’s pockets; it also sends Square’s stock into orbit faster than a rocket ship on a caffeine high. The initial announcement of Bitcoin trading in 2017 was so positively received that it added $1 billion to Square’s market capitalization in just five days! Talk about cashing in on a golden opportunity.
A Rollercoaster of Revenue Rides
Let’s keep the momentum going. Square’s journey with Bitcoin has been a thrilling rollercoaster of earnings. From Q3 2018’s $43 million to a staggering $125 million in Q2 2019, the numbers are as wild as a late-night infomercial. And, get this, just a few months prior, in Q1 2019, they reported $65.5 million—with Bitcoin serving as the rocket fuel to their financial spaceship. So buckle up, because with Dorsey at the helm, the journey is only just beginning!
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