The report states:
- Viewing the Status Quo of Blockchain from "Byzantine Compassion" and the original sin of Nakamoto
- 30 days "water injection" 500 billion US dollars! This move by the Federal Reserve may help Bitcoin take off again
- Bitcoin shocks up, day K volume price sentiment discrimination
- Japan and the European Central Bank Governor stated at the same time: Bitcoin is not a currency, it is a speculative asset.
- United Nations agencies set up cryptocurrency funds, Ethereum official donated 10,000 ETH for its support
- New survey: 36% of U.S. small businesses accept virtual currency payments
“In the quarter, Bitcoin revenues benefited from increased transaction volume from bitcoin prices and generated a total profit of $2 million.”
Square was founded by Twitter co-founder Jack Dorsey, which reported that as of the second quarter of 2019, Bitcoin accounted for nearly half of its Cash App total revenue, reaching $260 million. However, in this unaudited quarterly report, Bitcoin costs $129.9 million and profits are $2 million.
On Thursday afternoon, Dorsey announced the numbers on the investor conference call. He said:
"Bitcoin, we love you."
The first quarter of 2019 was the best quarter for Square's Bitcoin business at the time, with revenue of $65.5 million and profit of $832,000. However, sales in the second quarter reached $125 million, representing a significant increase in the company's business. In contrast, the company reported that bitcoin sales for the full year of 2018 were $166 million.
With a total revenue of $1.17 billion for the quarter, Bitcoin has a long way to go from Square's overall strategic center. The report shows that transaction-based revenues in the second quarter exceeded $775 million.
The company sells Bitcoin to its users through its Cash App, which expanded to 50 states in the United States in August 2018.
Earlier this week, the company explained the positioning of Square Crypto. Square Crypto is a company-wide project that aims to make an open source contribution to the Bitcoin protocol and ecosystem.
A senior research director at CB Insights, a market intelligence company, told CoinDesk that he believes Bitcoin can help Square attract more customers.
Chris Brendler said:
“They didn’t get huge profits from it, but they did get more people involved.”