Bitcoin-Friendly Square Cash App Stock Price Up 56% In 2019 (#GotBitcoin?)
Cash App, they payments app of San Francisco-based payments company Square, announced a Bitcoin (BTC) giveaway in a tweet published on July 26 as its stock price continues to grow, according to MarketWatch. Bitcoin-Friendly Square Cash App Stock Price Up 56% In 2019 (#GotBitcoin?)
Giving Away Bitcoin
In its tweets, the official Cash App Twitter account announced that it will give away $50,000 in Bitcoin. In subsequent tweets, Cashapp also pointed out that the number of tweets grew first to 12,300, and then to 40,300.
As Cointelegraph reported at the end of June, Square already enabled Bitcoin deposits to all of its Cash App users. Notably, Square’s founder Jack Dorsey — who is also the creator of Twitter — has been putting together a team dedicated to improving crypto infrastructure in general.
Square Is A Growing Company
Furthermore, Square’s (SQ) stock is up about 56% in 2019, having started the year at $57.2 and trading at $81.8 at press time, according to MarketWatch data. Bitcoin, on the other hand, increased its value by about 157% over the same period, according to Coin360.
As Cointelegraph reported earlier today, the Chinese central bank released on its website an infographic illustrating what is Bitcoin, how it works, and why it’s valuable.
Square Doubles Bitcoin Revenue, Generating $125 Million via Cash App in Q2
Payments company Square has generated $125 million in Bitcoin (BTC) revenue in the second quarter of 2019 through its mobile payments service Cash App.
Square released the information in the company’s Q2 2019 shareholder letter on Aug. 1. According to the letter, the company’s Bitcoin revenue benefited in part from the number one cryptocurrency’s price rally over the quarter.
As a result of this price growth, there was also a correspondingly increased volume of Bitcoin, they say. This resulted in a $2 million gross profit for the company.
Cash App obtained $135 million in subscription-, services- and transaction-based revenue. This means that Bitcoin revenue granted the company over 92% of the quantity that Square obtained through subscription, services and transaction revenue alone.
In Square’s Q1 2019 report in May, the company revealed that it achieved a new revenue high from Bitcoin sales via Cash App, with a stated Bitcoin revenue of $65.5 million. This means Square has more than doubled its Bitcoin revenue compared to the preceding quarter.
Square: A Company Bullish On Bitcoin
As previously reported by Cointelegraph, Steve Lee, a project manager at Square’s crypto branch — Square Crypto — heavily emphasized the company’s belief in Bitcoin in an ask me anything session on Twitter. Lee wrote that the company was “very, very pro-Bitcoin.”
Square also recently released a Bitcoin deposits feature on Cash App in late June. This reportedly enables Bitcoin users to deposit their assets from external wallets into Square’s payments application. However, the announcement cautioned that there would be some limitations — a cap of $10,000 in Bitcoin per seven days, and a wait of up to several hours to confirm the deposits via blockchain.
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