Earlier this year, when the first quarterly report was due for release for Square’s Cash App, they had announced that they’ve reached record sales for Bitcoin to the tune of $500 million with a gross profit of $17 million. According to that filing, the volumes were up 72% quarter-over-quarter and 367% year-over-year.
Second Record: Q2 2020
This quarter, a new record was set more than doubling the gross profit from $7 million to $17 million with Bitcoin sales representing a phenomenal $875 million which is a 600% increase year on year.
According to the filing: “Bitcoin revenue and gross profit benefited from an increase in bitcoin actives and growth in customer demand.”
New Demand
2020 has seen a lot of new expressed interest in owning Bitcoin from legendary investors such as Paul Tudor Jones but also from retail. As the dollar weakens, inflation rises and Gold hits all-time highs many seem to be viewing Bitcoin as Gold 2.0. An easier to hold and exchange asset, perhaps even a safe haven.
Square’s Cash App has retail customers, not institutional, therefore this outstanding increase in Bitcoin sales represents a new wave of retail capital flocking to the cryptocurrency market, as simpler acquisition and/or exposure methods have emerged.
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