Square reported that for the second quarter of 2020, bitcoin sales via the Cash App increased by 185% to $875 million.
If in the first quarter of 2020, $306.1 million worth of bitcoins were purchased through the Cash App, then in the last quarter this figure increased to $875 million. The profit from cryptocurrency trading also increased significantly – in the second quarter it reached $17 million, which is significantly more than $6.7 million in the first quarter of this year.
“Bitcoin sales increased by 600% compared to the second quarter of 2019, and profit increased by 711%. Revenue from bitcoin trading and profit increased due to an increase in the number of transactions and consumer demand, ” Square’s financial report notes.
If in the first quarter of this year, bitcoin trading brought Square 1.24% of the total profit, in the second quarter, the share increased to 2.85%. The report says:
“In July, we saw an increase in the volume of transactions among active users of the Cash App-both for using peer-to-peer payments and Cash cards, and for investing in bitcoin. We think that the growth in these indicators may be partly due to government incentives and unemployment benefits. It is quite possible that state aid will be reduced in the third quarter, and the indicators will fall.”
Recall that for the entire 2019 year, $500 million worth of bitcoins were sold through the Square Cash App.