Of Square's $669 million of first-quarter revenue, $34 million came from bitcoin

[vit05]

Of Square's $669 million of first-quarter revenue, $34 million came from bitcoin:



https://www.cnbc.com/2018/05/02/square-earnings-q1-2018-and-q2-forecast.html

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[Hydrogen]

Near to a 5% gain in revenue from bitcoin, nice!

Numbers like this could hint at wider bitcoin adoption in the future. As student loan debt, credit card debt, declining real estate demand and similar issues become more desperate for sources of liquidity to maintain demand, and governments seek out new ways to boost tax revenues to ease debt, crypto currencies will be deemed the logical source to tap.

Many large corporations and governments are digging themselves a wide and deep hole. The market cap of crypto coins, and the credit liquidity crypto support could provide, could end up being their only hope for salvation. There is talk of illegalization and banning of crypto currencies but in the end the world may need bitcoin to ease deficit and debt, and boost revenues to stay competitive against rivals, a lot more than bitcoin needs the world.

[CaptainKrypto255]

Profits from well established companies like Square will further help the development of the cryptocurrency market. This will help legitimize crypto in the eyes of the public and big institutional investors and incentivize them to join. The only barrier right now is the speculative nature of this space, but once the dust settles we will see the real winners and the coins to stay.

[magneto]

It's interesting that mainstream companies are deciding to step foot into the bitcoin scene, and they are devoting a lot of their resources to it, and obviously getting revenue back as a result as well.

I feel like in the future, a lot of traditional, centralised payment processors will be forced to also adopt bitcoin one way or another by offering buy/sell services or otherwise.

Numbers like this could hint at wider bitcoin adoption in the future.

Well, it doesn't directly suggest that, since Square made most of the profit from acting as a buy/sell platform of BTC and not as a merchant. But it goes without saying that adoption rates are only going to increase in the future, imo.

[Hydrogen]

Numbers like this could hint at wider bitcoin adoption in the future.

Well, it doesn't directly suggest that, since Square made most of the profit from acting as a buy/sell platform of BTC and not as a merchant. But it goes without saying that adoption rates are only going to increase in the future, imo.

Its embarrassing that I missed that part.    Good read.    Would merit you if I had any left.

[stompix]

Numbers like this could hint at wider bitcoin adoption in the future.

Well, it doesn't directly suggest that, since Square made most of the profit from acting as a buy/sell platform of BTC and not as a merchant. But it goes without saying that adoption rates are only going to increase in the future, imo.

Its embarrassing that I missed that part.    Good read.    Would merit you if I had any left.

It's even worse than that....

https://www.ccn.com/heres-how-much-revenue-square-earned-from-bitcoin-trading-in-q1/

The company reports that total bitcoin revenue for the first quarter was $34 million, which amounts to nearly five percent of the firm’s $669 million in total net revenue. However, the report notes that this figure is calculated from the total sale amount of bitcoin to customers and does not account for the costs the firm incurred when purchasing the coins on their customers’ behalf.

When adjusted to account for those costs, Square reports that it earned just $200,000 from bitcoin trading during the quarter — or less than 0.07 percent of the firm’s $304 million in adjusted revenue.

Basically those 34 millions are made from selling BTC they've bought for 33.9 millions.

Profits from well established companies like Square will further help the development of the cryptocurrency market. This will help legitimize crypto in the eyes of the public and big institutional investors and incentivize them to join. The only barrier right now is the speculative nature of this space, but once the dust settles we will see the real winners and the coins to stay.

Or, if I may rephrase that, attract every hyena on a 200 km radius with the smell of fresh money.
None of those involved are charities that are interested in the development as long as it doesn't bring them profits, take that away from BTC and you're not going to see them again.