Square Leads the Bitcoin Adoption Movement as Cash App’s Impact Could Outdo Bakkt or an ETF
In the world of business, one of bitcoin’s most vocal supporters has been Jack Dorsey, the CEO of Twitter. He has previously revealed that bitcoin is the only cryptocurrency he holds and took part in the Lightning torch movement this year.
Now, it has come to light that one of his other companies, Square, has helped push the movement of bitcoin in the financial market in the last few years and could even have a greater impact than Bakkt's launch or a coveted Bitcoin ETF approval. Perhaps their most notable year was in 2018 when they began offering the sale of bitcoin on their platform.
During this time, they made about $166 million in revenue simply from selling bitcoin on CashApp, their most popular application. In the fourth quarter of that year, the company made about $52 million in revenue from the sale of bitcoin, despite the bear market that took place during that time.
In terms of volume, it is estimated that Cash App sold 10,000 BTC during the period.
In the Crypto Square
When discussing firms in the crypto space, Square is not one of those that immediately come to mind. However, the firm has made great progress. It has also been estimated that the firm sold 6.2 percent of the total Bitcoin that was mined in 2018. This is particularly impressive for a firm that while invoked in the crypto business, isn’t primarily a crypto-based firm.
Alec “Rhythm Trader” Ziupsnys, who has also stated that one of the reasons for bitcoins success is the cap of its supply, took to Twitter to voice his opinions.
“Square has the opportunity to make a larger impact on bitcoin adoption than both Bakkt and an ETF. Here's some perspective:
162,000 bitcoin were mined last year.
Square sold an equivalent of 10,025 bitcoin last year. That is roughly 6.2% of all new bitcoin in that time frame,” he tweeted.
The opinions being given on Square and CashApp aren’t limited to their current activity but also the role they will likely play in the future. Matt Odell, a prominent coder, also spoke about this by suggesting that Cash App could become of the leading forces in domestic crypto adoption.
This is due to its convince to use and also the fact that it is one of the most popular mobile apps in the United States.
Should the Platform be made even more friendly for merchants, this could happen. Jack Dorsey has already said that the CashApp will begin supporting the Lightning Network in the near future and it wasn’t a matter of if but when.