Square Cash App Users Consuming More Than 8% Of Bitcoin’s Daily Issuance

    Twitter and Square CEO Jack Dorsey, has been pushing bitcoin adoption on his platforms; making it easy to purchase with CashApp and tweeting to his 4.3 million followers about the tech. It has clearly been paying off.

    • Square Cash app posted $148 million in Bitcoin sales in Q3 2019, an increase of 245% from Q3 2018
    • Out of $1,800 New BTC mined each day, 155 is Grabbed by Square users
    • A new fee structure for BTC purchases is also introduced

    Jack Dorsey’s Square Cash App posted another record quarter.

    For the third quarter of 2019, Square posted $148 million in quarterly Bitcoin sales, marking the 6th straight quarter of growth.

    $148 million in sales has been an increase of about 20 percent from last quarter and a whopping 245 percent from Q3 2018.

    “First-time bitcoin buyers have approximately doubled,” read the investor letter published on Wednesday.


    In its Q3 earnings call today, the company reported $2 million in profits on the $148 million in Bitcoin sales last quarter.

    Out of 1,800 New BTC mined each day, Square users Grab 155 BTC

    In Q3, Bitcoin price went from $10,500 to $8,100, while climbing to as high as ~ 13,200 and falling to as low as $7,700, though momentarily. Having the average BTC price to be about $10,200 in Q3, it can be estimated that the total amount of Bitcoin sold through Cash App was ~14,200 BTC.

    By this calculation, Square users are buying on an average of 155 BTC per day. This means, out of the 1,800 new BTC mined each day, more than 8% of daily issuance is consumed by square Cash app users.

    As Bitcoin enthusiast Rhythm Trader says, “Demand for bitcoin can't be ignored by other companies for much longer.”

    Square Cash App Not Free Anymore

    The Cash App has also started charging fees of 1.76% on Bitcoin purchases with the website stating,

    “Cash App charges two kinds of fees for bitcoin transactions: a service fee for each transaction and, depending on market activity, an additional fee determined by price volatility across U.S. exchanges.”

    As of September, there were no fees, on buy, sell or conversion of BTC purchases on the app. Reportedly, previously, the fee was included in the spread but now for user transparency, it has been excluded out of the spread.

    In comparison, the leading US cryptocurrency exchange Coinbase charges a flat 1.49% fee for larger purchases. For a transaction amount less than $10, the fee is $0.99, from $25 to $50 the fee is $1.99, and from $50 to $200 it charges $2.99.

    Just last month, Coinbase CEO Brian Armstrong announced that the company earned over $2 million in transaction fee revenue since its launch in 2012.

    Square meanwhile is also rolling out a new feature in cash App that will allow users to purchase equities with no fees for stock purchases.

    Bitcoin (BTC) Live Price

    1 BTC/USD =$6,799.5620 change ~ 0.98%

    Coin Market Cap

    $124.48 Billion

    24 Hour Volume

    $5.74 Billion

    24 Hour VWAP

    $6.82 K

    24 Hour Change


    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    General Motors (GM) Files Blockchain-Based Map Network Patent for Autonomous Vehicles

    General Motors (GM) plans to build a self-updating navigation system on blockchain to allow use across “specific roads” on autonomous vehicles. In a newly...

    BTC Proposes a Greater Value Than Gold; $670M Transferred For 26 Cents Within Its Network

    Bitcoin’s value proposition in fund transfers is so far one of the most cost-friendly avenues to send money globally. A recent transaction within its...

    COVID-19's Impact On The Economy Claims Another Business as Cambrial Capital to Shut Down

    Cambrial Capital which focuses on a Crypto fund of funds is set to shut down its operations in the near future according to insiders...

    Apple’s New Intelligent Prevention Tracking (ITP) on iOS Threatens Burner Wallets Existence

    Apple’s recent upgrade on the Safari WebKit might soon phase out the convenience of burner wallets within the cryptocurrency space for its users. ...

    Galaxy Digital's Mike Novogratz: This Is The Year For BTC Or I Might ‘Hang Up My Spurs'

    Bitcoin proponent, Mike Novogratz is still “most excited” about the world's leading cryptocurrency but “if it doesn't go all out by the end of...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.