Square’s Cash app reported record Bitcoin revenue once again, in its Q1 2019 earnings report. If growth continues at this rate, there could soon be 2 BTC bought on Square Cash for each one mined.
Record Quarterly Bitcoin Sales On Cash App
Jack Dorsey’s financial services provider, Square, posted another quarter of record BTC sales through its Cash app. In its Q1 2019 earnings report, it announced $65.5 million in bitcoin revenue for the quarter; up almost 25% on the previous quarter’s record sales at the time of $52.4 million.
Bitcoin profit for the quarter was at roughly $832,000; a 70% gain over the $490,000 profit in the prior 3 month period.
Maintaining Current Growth Rate Will Outstrip Supply
Crypto-analyst, Yassine Elmandjra, extrapolated data at the current growth rate to give projected figures for the next eighteen months.
She discovered that, should growth continue at the current rate, after next May’s reward halving sales will be twice the amount of BTC being mined.
In fact, Square Cash bitcoin sales would…