Square reports $178 million in fourth-quarter 2019 Bitcoin revenue through Cash App
Jack Dorsey's Square reports significant year-over-year increase in Bitcoin revenue via Cash App, showing strong retail demand.
On February 26, 2020, Square reports $178 million in fourth-quarter 2019 Bitcoin revenue through Cash App. Jack Dorsey's Square reports significant year-over-year increase in Bitcoin revenue via Cash App, showing strong retail demand.
The strong Bitcoin revenue demonstrated that mainstream retail investors were increasingly comfortable buying cryptocurrency through familiar, user-friendly applications rather than traditional cryptocurrency exchanges. Cash App, which started as a peer-to-peer payment application competing with Venmo, had evolved into a broad financial services platform offering direct deposit, debit cards, stock investing, and Bitcoin purchases.
The integration of Bitcoin buying directly into Cash App's interface made cryptocurrency accessible to millions of users who might have been intimidated by exchanges or wallet management. For many users, Cash App provided their first exposure to Bitcoin, serving as an easy on-ramp that didn't require understanding technical concepts like private keys or blockchain addresses.