Square has reported its fourth-quarter earnings that beat analysts’ expectations. The Cash App marked a new record. Customers were able to buy $52 million of Bitcoin (BTC) from the Cash App during the last quarter of 2018.
Just in 2018, Bitcoin sales reached $166 million. Every single month has experienced better performance during the last year.
🚨 BREAKING 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!
— Kevin Rooke (@kerooke) February 27, 2019
It is possible to see that during the first quarter of 2018, Cash App registered around $34 million in purchases from users. The second quarter grew more than 2% reaching $36 million. The third quarter was even better, selling almost $43 million to users.
Since the beginning of 2018, the amount of Bitcoin purchases grew over 52%, even when Bitcoin has been in a bear trend since December 2017. Since that moment, Bitcoin lost more than 80% of its value and the whole crypto market entered a bearish period that lasts until today.
Jack Dorsey, the CEO of Twitter, has lately been involved in the cryptocurrency community. He has been supporting Bitcoin and the Lightning Network (LN) the second layer scaling solution for BTC. He has also accepted to participate in the Lightning Torch initiative that users started on Twitter.
Although Cash App is not the most important part of Circle’s business, it shows that there is genuine interest in Bitcoin.
At the time of writing, Bitcoin has a price of $3,800.