Square Doubles Bitcoin Revenue in Q2 2019

Payment company reported earnings on August 1, 2019, revealing that it received $125 million in revenue for the second quarter of the year through Cash App.

“During the quarter, bitcoin revenue benefited from increased volume as a result of the increase in the price of bitcoin, and generated $2 million of gross profit,” the report explains.

Bitcoin, cryptocurrency’s largest asset by market capitalization, began the quarter trading at $4,134, then it started a parabolic run that saw it cross the $10,000 mark before meeting some resistance.

Square’s Q2 report sees a jump in its revenue and profits from the last quarter. The payment startup’s Q1 earnings were reported at $65.6 million in bitcoin sales and $832,000 in profit.

Square started offering barebones bitcoin trading services in 2018, where users could buy, sell and withdraw . Once it saw the demand, it started accepting bitcoin deposits in 2019.

The post Square Doubles Bitcoin Revenue in Q2 2019 appeared first on Bitcoin Magazine.


Source: bitcoinmagazine
Square Doubles Bitcoin Revenue in Q2 2019

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Square Doubles BTC Revenue: $125 Million Through Its Cash App In Q2

Square Doubles


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The payments company revenue, generating $125 million in (BTC) revenue in the second quarter of this year alone, the latest cryptocurrency news show. The entire revenue was made through the mobile payments service Cash App.

The information was released in the company’s Q2 2019 shareholder letter published on August 1. As the letter shows, the company’s Bitcoin revenue benefited mostly from the price of the number one cryptocurrency. The news that Square doubles BTC revenue in two quarters alone spread like wildfire – which also triggered an increased volume of Bitcoin, as the company showed.

In the altcoin news, we can see that the Cash App obtained the $135 million in subscription, services as well as transaction-based revenue. In other words, the Bitcoin revenue granted the company more than 92% of the quantity that Square obtained through subscription, services as well as transaction revenue alone.

The Square Q1 report published in May this year showed that the company achieved a new revenue high from Bitcoin sales through the Cash App – stating a Bitcoin revenue of $65.5 million. This means that with the Q2 2019 report, Square doubles BTC revenue compared to the preceding quarter.

As we previously reported in our coming altcoin news, Steve Lee, who is a project manager at Square’s crypto branch (Square Crypto) has emphasized the company’s belief in Bitcoin. In an Ask Me Anything (AMA) session on Twitter, Lee said that the company is moving ahead with a “very, very pro-Bitcoin” sentiment.

What was also published by many best cryptocurrency news sites is the Bitcoin deposits feature which Square introduced on its Cash App in late June. The news that Square doubles BTC revenue may also come from this – which is actually a feature that enables Bitcoin users to deposit their assets from external wallets into the Square payments app. Still, the announcement also cautioned that there would be some limitatons to this feature – mainly a cap of $10,000 in Bitcoin per seven days and waiting time of up to several hours in order to confirm the deposits through blockchain.

Currently, the value of Bitcoin is up as BTC is trading near $10,500 with a 5.44% increase on the day at press time.

The post Square Doubles BTC Revenue: $125 Million Through Its Cash App In Q2 appeared first on DC Forecasts – Leading Digital Currencies.


Source: dcforecasts
Square Doubles BTC Revenue: 5 Million Through Its Cash App In Q2

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Square Doubles Bitcoin Revenue, Generating $125 Million via Cash App in Q2

doubled revenue and made a $2 million gross profit via Cash App mobile service in Q2 2019


Source: cointelegraph
Square Doubles Bitcoin Revenue, Generating 5 Million via Cash App in Q2

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Square Doubles Bitcoin Revenue, Generating $125 Million via Cash App in Q2

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Mike Novogratz Doubles Down On $20k BTC Price Prediction By Year-End

Bitcoin Likely to Soar Higher Despite Short Dip Below $5,500

Earlier this month, billionaire investor and Galaxy Digital CEO predicted that by the end of 2019, BTC will reclaim its ATH of $20K. This came after he had publicly said during an interview with CNBC that he wished he had sold when it soared to YTD high, $13,800.

He later clarified this as most people thought he was no longer bullish on BTC. He affirmed;

I have to say taken out of context some or I wasn’t clear enough. Of course you would rather have sold something if you could buy it down 30% the next day. I do think we consolidate 10-14K before next move higher. I am still very bullish BTC.”

Mike Novogratz: Institutions Will Push BTC To $20K 

In his latest appearance on Bloomberg, Mike Novogratz speaks about the recent price action saying that BTC is consolidating before reaching $20K by year-end. He further pointed out that the current consolidation will likely continue but the price will find support at $8500. He stated;

“We had a big move from $4,000 to around $13,500 and I think we’re gonna consolidate… $8500 should probably be the low that holds. I’m hoping it doesn’t get down there, but if it does, it wouldn’t surprise me.”

Mike dives deep on the many institutional investors that are exploring cryptocurrency in financial operations such as Yale, Harvard, and Stanford. This ultimately means some of the biggest institutions believe in the potential of cryptocurrency and other institutional investors will follow suit.

Regardless of the skeptics, he believes that the “probability of this really working has gone limit-up” and as more investors join the cryptocurrency bandwagon, BTC will reclaim $20,000.

He opined;

And then I think these institutions kind of get excited again, maybe towards the end of the year -hopefully sooner- we push out that range and we go back to the old highs of $20,000

Libra And Telegram To Boost Wider Adoption

Facebook has been in the limelight for a very long time since unveiling Libra. It remains blurry whether, in fact, Facebook will launch Libra successfully next year because of the regulatory setback that it currently faces. Mark Zuckerberg, Facebook Founder, said during the recent Facebook Second Quarter Earnings Call that Facebook will address all the regulators’ concerns however long it takes”.

Most people, however, don’t necessarily have a problem with Libra but they have a lot of distrust in Facebook due to its infamous privacy breaches. Nonetheless, behemoth companies like Visa, Uber, and MasterCard will be part of the consortium that is behind Libra, meaning these giant companies have some level of trust in Facebook. 

On the upside, if Facebook is finally able to bring Libra to life, 2 billion of its users will now be attuned to cryptocurrency. If that’s not massive adoption then I don’t know what is.

Mike also mentions that Telegram is set to launch its blockchain dubbed “Telegram Open Network” (TON) in Q3, 2019. The TON network will purportedly support decentralized applications just like the Ethereum blockchain as published by The Block. Before Facebook launches its own digital currency, telegram over 280 million users will get a piece of the cryptocurrency pie.

So I think the chance of adoption in these existing platforms is pretty high and then that will spill over into the broader crypto community,” Mike asserted.

Bitcoin Bulls Are Steadfast Now More Than Ever 

Currently, the cryptocurrency market is aflutter as bitcoin continues to trade at 4-digits. This has however not deterred bitcoin bulls from predicting that bitcoin in on the verge of a rally in the coming days. Mike Novogratz is not the only optimistic bull in this recent correction atmosphere.

Earlier this week as we reported, CEO of Pantera Capital, Dan Morehead, came out with a bold prediction of bitcoin surging to $42,000 by the end of 2019. He said that based on bitcoin’s trend analysis, this price prediction is very reasonable and attainable.

The post Mike Novogratz Doubles Down On $20k BTC Price Prediction By Year-End appeared first on ZyCrypto.


Source: zycrypto
Mike Novogratz Doubles Down On k BTC Price Prediction By Year-End

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