Jack Dorsey’s Square recorded more than $150 million in bitcoin revenue during the final three months of 2019. Dorsey and his company have long been hardcore bitcoin and crypto advocates, with Square ultimately forming its own digital asset division known as Square Crypto.
Dorsey and Square Bring in Big Bucks
The amount of BTC-based money recorded by Square is upwards of $178 million in total, while Square itself was able to pocket about $3 million in bitcoin revenue. That’s about a 50 percent increase over its previous two quarters.
Interestingly, the numbers compare greatly with those of non-bitcoin revenue for the same year. Square recorded about $183 million in cash or non-crypto funds, putting this figure at just above the 50 percent mark. Thus, Square has garnered a solid boost in bitcoin-based business through just the last 12 months.
Dorsey explained in a statement:
The peer-to-peer transfer network continues to be our best acquisition channel. Those new to the app then go on to discover bitcoin.
Dorsey has always been a big fan of bitcoin, and he’s done just about everything to push its agenda. Recently, the Twitter CEO announced he would spend a total of three to six months in Africa trying to bring bitcoin and its advantages to the continent’s many peoples. While he hasn’t stated when he’s planning to leave, he has mentioned he’s currently examining several different countries to see which one would serve as a prime starting point on his journey.
In addition, Dorsey has also commented that bitcoin is likely to become the world’s single currency in about eight years, first making this statement in early 2018. He’s confident the globe will eventually cease all fiat, credit card and altcoin transactions and turn completely in the direction of bitcoin.
Chief financial officer of Square Amrita Ahuja states that when people begin to use the company’s bitcoin and investing apps, they’re likely to generate even more revenue for themselves and for the enterprise. He explains:
We are able to efficiently acquire customers, keep them engaged and show them additional ways we can continue to add value.
A Slow Start Leads to a Huge Burst
Square’s cash app first emerged roughly two years ago, and at first only allowed users to purchase and sell bitcoin units. This was when the crypto industry began experiencing hardcore drops following bitcoin’s all-time high of nearly $20,000 in December of the previous year. Thus, while the company garnered revenue from the service, there was nothing to get too excited about. By the end of 2018, Square Crypto had only garnered about $43 million in total revenue through its cash app.
However, a year later, customers had the opportunity to begin depositing BTC into the cash app, which ultimately gave Square a huge boom in business.