Square Cash App Sold $150M In BTC In Q3 2019: 250% Yearly Growth

The Square Cash App sold around $150 billion in Bitcoin in the third quarter of this year, reports show. When talking about the year on year growth, we can see that this is an increase of even 250% with which Square managed to shock the Bitcoin industry. On another note, this marks a significant retail interest in the cryptocurrency from Square and its American clientele.

According to the crypto analyst Kevin Rooke, the crypto news show that this is the sixth straight quarter of growth for the facet of Square’s business. The analyst also showed that the Bitcoin revenues at Square are growing by a jaw-dropping 244% year on year, and this comes despite the fact that the most dominant cryptocurrency remains over 50% below the previous all time high of $20,000.

Square customers bought $148 million of Bitcoin last quarter on Cash App!

That’s a 6th straight quarter of growth and 244% growth YoY.

TO THE MOON 🚀 pic.twitter.com/dplqYCwM3b

— Kevin Rooke (@kerooke) November 6, 2019

While the $150 million may not sound like a large volume metric, analysts also observed that the Square Cash App sold Bitcoin at a greater pace than expected. As reported on our site before, the resident crypto asset analyst at ARK Invest, Yassine Elmandrja, said that if the BTC sales maintain current growth rates” by the next halving event,“ 2 BTC will be purchased on Square Cash” for every one that is mined.

This practically means that a single application could soon null all of the natural selling pressure of the mined coins that Bitcoin faces every single day. Growth has slowed down since Elmandjra’s analysis but the point of BTC scarcity remains clear.

If BTC sales on Square Cash maintain current growth rates, then by the next Bitcoin halving (May 2020), roughly 2 BTC will be purchased on Square Cash for every new BTC that is mined. pic.twitter.com/GPxXhaGK15

— Yassine Elmandjra (@yassine_elman) May 1, 2019

That being said, the Bitcoin news updates can show a surge soon. What’s more important, however, is the growth of Square’s cryptocurrency business which should not come as a surprise knowing that the fintech firm is continuously investing in building and developing the app to work on crypto and blockchain.

Last month, the firm completed the hiring process for a team of core developers for the “Square Crypto” project. In addition to this, the company issued a large grant to an open source BTC payments product. Coupled with the fact that the Square Cash App sold $150 billion, this shows that the cryptocurrency has “been the most resilient brand which has been tested a bunch,” as the (Square and Twitter) CEO Jack Dorsey recently noted.