According to Square’s new financial report, Bitcoin sales in the Cash App continue to grow – in the 3rd quarter of this year, BTC was sold for $ 148 million.
If in the last quarter the proceeds from the sale of bitcoins amounted to $ 125.5 million, then in the 3rd quarter it grew by 20%. Compared to the same period last year, BTC sales grew by 245%. In total for the 3rd quarter, about 14,300 BTC were sold at an average price of $ 10,300, although in previous quarters the figures were better – about 17,250 BTC.
In September, Square redesigned the Cash App to reflect the popularity of Bitcoin and Cash Card. After the release of the new version of the application, the number of BTC buyers who first invested in crypto assets doubled. In addition, Square began to charge a fee of 1.75% for the purchase of bitcoin in its Cash App.
“We are increasing the upper limit of our forecast for net profit for the whole of 2019 by $ 110 million due to trends in Seller and Cash App businesses, as well as growth in bitcoin sales in the 3rd quarter of this year,” Square said.
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