Payment company Square’s Cash App reached a new record in Bitcoin sales volume. The company’s Bitcoin volume grew by 70 percent compared to the previous quarter and by 367 percent compared to the same period last year.
The payment company Square, where Twitter founder and CEO Jack Dorsey is also the founder and CEO, set a new record in Bitcoin volume.
According to the news in The Block, the company announced that the company generated $ 306 million in Bitcoin revenue in the first quarter of 2020. According to the statement, Square generated a gross profit of $ 7 million on this revenue.
Square’s gross profit from Bitcoin sales has grown by nearly 90 percent since the last quarter. Volume has increased 70 percent since the last quarter. This rate looks even more striking, with a 367 percent growth compared to the same period last year. While a bitcoin volume of $ 178 million was reached in the past quarter, this was $ 65.5 million in the first quarter of 2019.
Dorsey thinks that Bitcoin will become the currency of the internet. Dorsey, who also personally invested in Bitcoin, said in a statement he made last year that he had set a $ 10,000 limit each week and made a purchase in this way. Successful entrepreneur, one of the fiery supporters of Bitcoin, also has 6-7 developers working for Bitcoin within Square. Dorsey finally came up with donating $ 1 billion to the fight against coronavirus, which corresponds to about a third of his wealth.