According to Square’s report, $ 4.57 billion worth of bitcoins were sold through the Cash App in 2020. In addition, Jack Dorsey’s firm bought $ 170 million worth of BTC.
Total bitcoin sales for 2020 through the Cash App were $ 4.57 billion, and profit from these operations was $ 97 million, while in Q4 2020 sales were $ 1.76 billion and profits reached $ 41 million. Square’s report notes:
“For 2020, we saw a significant increase in bitcoin revenue. Sales were $ 4.57 billion, a ninefold increase over the previous year. The profit was $ 97 million, which is approximately 2% of the total BTC sales. Sales and profits have benefited from increased customer activity and demand for these services, as well as a significant rise in the bitcoin price. ”
In 2020, 3 million customers used the Cash App to buy bitcoins, and in January 2021 this figure was 1 million.On average, application users increased their bitcoin purchases by 2.5 times compared to 2019.
In addition, in addition to buying $ 50 million worth of bitcoins in October last year, Square bought another 3,318 BTC worth $ 170 million. Thus, the company’s wallets now hold 8,027 BTC, which is more than $ 400 million at the current exchange rate. about 5% of Square’s total stock of money and tradable securities. ”
“We are looking to increase our attachment to Bitcoin, and we will continue to look for new ways to integrate our product lines into the Cash App,” said Square co-founder Jack Dorsey.
Recall that in early February, Dorsey announced the launch of his own node in the Bitcoin network, once again confirming his confidence in the future of cryptocurrencies.
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