Square Reports Record-Breaking $52 Million in Bitcoin (BTC) Sales on Its Cash App in Q4 2018

The Cash app was initially designed to aid the transfer of fiat currency but soon started supporting cryptocurrency trading. Since then, buying and selling Bitcoin electronically has never been easier. Its introduction has helped many investors boost their involvement and holdings in the cryptocurrency market. According to its financial reports, Square raked in record-breaking revenue in Q4 of 2018, selling over $52 million in Bitcoin (BTC) for a total of $166 million in revenue for the entire year. This may come as a surprise for many, considering the fact that in 2018 Bitcoin crashed from an all-time high of nearly $20,000 to just $3,150. This is certainly great news for the company in the time being, but what will its next move be in terms of future involvement in the cryptocurrency market?

Square and Bitcoin Romance

While things are looking sunny in Square’s future, it is only rational to conclude that Square will continue to push Bitcoin. Jack Dorsey, Square and Twitter chief executive, confirmed this during Stephan Livera’s Bitcoin podcast. According to Dorsey, Square is aiming to make Bitcoin transactions as simple, quick, and efficient as possible. He also opined that Square’s integration of the scaling protocol will definitely happen at some point. In his words, “It is not an ‘if;’ it’s more of a ‘when.’” Dorsey also added that, at Square, they do not consider Bitcoin to be a speculative asset but rather a currency with a bright future and a chance at garnering worldwide usage. On Feb 27, 2019, he stylishly gave out what could be a confirmation that more of Bitcoin’s technology could be integrated into Cash. He explained:

We will add strength to in-person payments, to mobile payments, and also ONLINE. We’re really excited about everything we’re doing in the financial services.

This is also good news as the $166 million generated in revenue from Bitcoin sales by Square has pushed Bitcoin’s market cap by some $1.4 billion. With Bitcoin sales growing from quarter to quarter, one can only imagine what the future holds. Do you think Square will continue to carve out its place in the cryptocurrency industry and market? Let us know your thoughts in the comments below!