Bitcoin’s popularity is generating billions for Square

Square has been developing its Cash App to make itself a top player in the digital assets space. Square’s Cash App is one of the best payment applications available today. The design is clean. It’s simple to use. And it enables users to send dollars back and forth, just like top competitor Venmo. But that’s only the beginning… Square’s Cash App also allows users to buy and sell digital assets like bitcoin. And it makes dealing with digital assets so simple that anyone can do it. The Cash App is much easier to use than many digital asset wallets out there.

And Square recently released its first-quarter earnings report. The report provided some incredible numbers on just how popular bitcoin has become on the Cash App.  In fact, Square generated 11 times more revenue from bitcoin sales on the Cash App last quarter than in Q1 2020. And revenue from bitcoin sales was up two times over Q4 2020. Amazing.  What’s more, bitcoin revenue made up 70% of Square’s revenue for the entire quarter.

 And this resulted in the company taking home $75 million in gross profit.  This is incredible growth driven by customer demand for bitcoin and digital assets in general. And it goes to show us just how mainstream digital assets are becoming. So the popularity of cryptocurrencies and digital assets is certainly growing.