[2020-11-05]Square reports $1.63B in BTC sales for Q3 via its Cash app

[Karartma1]

How money is made thanks to our yellow friend 

Quick Take

• Square said Thursday that sold $1.63 billion in bitcoin through its Cash App during the third quarter of 2020
• The gross profit figure was $32 million for the period, per the firm’s Q3 data release
• Since launching bitcoin purchase capabilities at the start of 2018, Square has now sold more than $3.4 billion in total sales

Backing out the cost to acquire the bitcoin, Square made $32 million in gross profit on its bitcoin sales, up more than 15 times since last year and good for more than 4% of total company gross profit.
"Bitcoin revenue and gross profit benefited from an increase in bitcoin actives and volume per customer," the firm said in its report.

More https://www.theblockcrypto.com/post/83748/square-earnings-q3-cash-app-bitcoin

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[bbc.reporter]

This appears to be a big inflow of new retail investors and gamblers joining the cryptospace. I predict much of them will begin to become unsatisfied and bored. They might also try their luck in altcoins hehehe.