- For the first time in history Bitcoin accounts for a majority of the Cash App’s revenue stream
Square has reported that in Q1 2020 Bitcoin accounted for USD 306 million out of the USD 528 million revenue of the Cash App. Notably, this is the first time in history that Bitcoin accounts for a majority of the Cash App’s revenue.
The Cash App is essentially a bank for the unbanked, since it offers Visa debit cards and checking accounts to people who would typically not be allowed to join a bank, and this has made the Cash App highly successful. Since Square is run by Jack Dorsey, who is a major proponent of Bitcoin and the CEO of Twitter, Bitcoin was integrated into the Cash App years ago, although until recently the Cash App’s Bitcoin volume was relatively small.
It seems that the drastic increase in Bitcoin volume on the Cash App may be associated with the Bitcoin block halving, since speculators worldwide are investing in Bitcoin now in anticipation of a major Bitcoin rally in the months after the halving.
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