Square Cash App Turns Over $52m in Bitcoin Revenue

Jack Dorsey is well known for being the CEO of Twitter as well as the financial services firm, Square which turned over more Bitcoin revenue in the fourth quarter of last year than at any time since it began support for the cryptocurrency.

It’s Hip to be Square

The firm’s fourth-quarter earnings report came out this week and show that it’s Bitcoin sales topped $52 million which has beaten the $43 million in quarter three and is miles ahead of the $37 million from the second quarter.

Users of the Square Cash app have been able to buy and hold Bitcoin since 2018 and the service has been unexpectedly popular among the mainstream US customer base. The figures are great for Dorsey who hinted that there will be more cryptocurrency implementation for the Cash App.

Speaking to CNBC yesterday, Dorsey said, “for the year ahead we continue to focus on three things and we will continue to strengthen our omni-channel offering.”

The cost of buying up the digital currency accounts for nearly all the sales revenue due to de facto lack of spread for users.

Even though Bitcoin isn’t a source of profit just yet, the functionality is still a preoccupation for the Square CEO.

In February we saw Dorsey say that he is very excited about the prospects of the Bitcoin Lightning Network and the possibilities it can have within Square.

Speaking on the Stephen Livera podcast, the Twitter CEO said, “we would love to make [Bitcoin] as fast and efficient and transactional as possible, and that includes looking at our seller base and register… It’s not an if it’s more of a when.”

Dorsey further participated in the Lightning Torch transactions relay that occurred by reiterating that he is a firm believer in Bitcoin as a ‘bet of choice’ for the cryptocurrency industry. Dorsey noted that he didn’t hold any other cryptocurrencies or hard forks of Bitcoin.

In terms of price, Bitcoin is currently performing in a relavtively good manner. The leading cryptocurrency is priced at $3,878 following a 0.17 percent increase over the past 24 hours.