Bitcoin Earnings Underwhelming

Square, the payments processing giant, recently unveiled its earnings report for the last quarter, and let’s just say it wasn’t exactly the Bitcoin bonanza many might have expected. The company reported a meager profit of $200,000 from its Bitcoin trading operations through the Cash App. This amount is more laughable when compared to the whopping $33.9 million spent acquiring Bitcoin, which translates to a paltry 0.6 percent profit margin. I mean, if you were throwing a party and only two friends showed up, you wouldn’t call that a successful bash!

A Journey Through Time: Square’s Bitcoin Integration

The Cash App introduced the Bitcoin buy/sell option way back in November 2017, ramping up its support for cryptocurrency trading with an official launch on January 31, shortly before Bitcoin’s value took a nosedive near $6,800. Talk about bad timing! It seems Square’s foray into the crypto world has been more of a slow walk than a sprint, not unlike trying to hike uphill in flip-flops.

Is Square Losing Money on Crypto?

According to the experts over at Fortune, Square’s cryptocurrency endeavors might not even be breaking even. After a rather uninspiring first quarter, the profits have suffered a decline from $300,000 at the end of 2017 to this latest $200,000 figure. When you’re talking about significant losses, it’s all about perspective. Square dismissed these losses as “insignificant,” kind of like that one cousin who’s always at family reunions but nobody really talks to.

CEO’s Vision for Bitcoin

In February, Square’s CEO Jack Dorsey expressed an optimistic outlook on Bitcoin, proclaiming its potential to transform the industry. He believes the tech should be explored with urgency, almost like someone who discovers a brand-new app but takes ten years to download it. Could Square’s vision pave the way for an entirely new crypto economy? Only time will tell, but momentum is in its favor… or at least we hope so!

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