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Bitcoin [BTC] adoption facilitates 68% surge in revenue for Twitter CEO’s Square Inc.

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Bitcoin [BTC] adoption facilitates 68% surge in revenue for Twitter CEO's Square Inc.
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Square, a mobile payments and merchant services provider based in California and founded by Twitter’s Jack Dorsey, had ventured into the world of cryptocurrencies with their Square Cash App earlier this year. With over 7 million active users on Square’s Cash App, Bitcoin was added for testing in November 2017 and went live in January 2018.

On November 7, Square released a revenue report for the third quarter, which showed that the adjusted revenue grew by 68% over the year. The total adjusted revenue was reportedly at $431 million, while the total net revenue hit $882 million. Of the $882 million, $43 million was generated from Bitcoin.

In the mentioned report, Square said that they don’t include Bitcoin generated revenue in the net adjust revenue because they want to spread awareness about Bitcoin among customers. The report stated:

“We consider our role in the Bitcoin transactions to be facilitating customer access to Bitcoin. Since we only apply a small margin to the market cost of bitcoin we believe deducting bitcoin costs is a better reflection of the economic benefits as well as the Company’s performance from the bitcoin transactions.”

Although the Bitcoin-generated revenue is only a tiny part of the company’s revenue, it still amounts to 5% of the total revenue, considering that the company introduced Cash App and Bitcoin support earlier this year.

Long Hash, a Twitter account that helps its users understand blockchain by providing concrete data evidence, reported on the Bitcoin-generated revenue over three quarters.

For the first quarter [Q1], the revenue from Bitcoin was $34 million, and that of the second quarter [Q2] was $37 million. As mentioned above, the revenue for the third quarter [Q3] was a staggering $43 million.

The quarterly reports for all the three quarters are as seen below:



Quarterly report - Q1 | Source: Twitter

Quarterly report – Q1 | Source: Twitter

 

Quarterly report - Q2 | Source: Twitter

Quarterly report – Q2 | Source: Twitter

 

Quarterly report - Q3 | Source: Twitter

Quarterly report – Q3 | Source: Twitter

Square’s competitor Venmo is yet to add cryptocurrency support, but Square’s entry into the cryptocurrency space has caused a huge surge of users on their Cash App. Cash App has beaten Venmo’s downloads both on Google Playstore and Apple’s App Store put together. Cash App has a cumulative download of 34 million while Venmo has 33 million.

A Twitter user, Bitcoin Mate is free on Android, said:

“Call me crazy, but Square is doing more for Bitcoin’s adoption than any company on the planet. Mad respect for Jack Dorsey.”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Bitcoin

Bitcoin [BTC] is still going to $100,000, claims Heisenberg Capital’s Max Keiser

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'Bitcoin is still going to $100,000', says Max Keiser
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CNBC’s Crypto Trader Ran NeuNer, spoke to Max Keiser, Co-founder of Heisenberg Capital on the sidelines of the Magical Crypto Conference and discussed Bitcoin’s current trends.

Keiser said that he was bullish on Bitcoin in the long term, adding that he would be sticking by his “$100,000” prediction for Bitcoin. He stated,

“I never stopped make price prediction… I said it [Bitcoin] was going to a hundred thousand dollars and it was only a dollar and I said that all publicly… it is still going to a hundred thousand dollars”

He added that the timing of when Bitcoin would reach the mark was not important, but that it would outperform every other asset over the next 15 years. Additionally, he said that timing was only for people who were waiting to buy crypto at a better price and “that is a bad way to approach crypto.”

Keiser displayed his enthusiasm for crypto, commenting that, “Stack Satoshis… Stack SATs… you should be stacking SATs.” Giving his opinion on Bitcoin’s recent rally, Keiser said,



“I think that it goes back to when Federal Reserve issued a statement saying that they’re moving the policy to permanent quantitative easing… which means money printing without end. As you know Bitcoin is hard money, like gold, and it is going to respond well to hyperinflation and hyper-money printing.”

Further, Keiser claimed that Bitcoin bottomed when the Federal Reserve announced this a few weeks ago and that this was due to a couple of reasons. The first being Bitcoin’s upcoming halving which highlights the scarcity of Bitcoin. According to Keiser, the second reason was that the sellers were exhausted. All the above reasons, in totality, contributed to Bitcoin’s price rise, claimed Keiser.

Since Bitcoin has already proven itself as a store of value, Keiser remarked that it would be best to concentrate on Lightning Network, a layer-two scalability solution for Bitcoin and improve it as a medium of exchange.





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