Friday, May 24, 2019
Square Inc. rocked the cryptocurrency world by adding bitcoin to its Cash App. in August 2018. Less than a year later, the company's first-quarter 2019 earnings confirmed rumors that Square is helping bitcoin scale. The company sold $65.5 million worth of bitcoin in the first quarter of 2019, according to unaudited financials. Financial analysts speculate this equates to roughly 10 percent of all bitcoin.
In a May 3, 2019, post titled "Square Cash's Bitcoin (BTC) Sales Go Parabolic, Signals Renewed Crypto Hype," News BTC reporter Nick Chong estimated that at Square's current rate of consumption, two bitcoins will be purchased on Square Cash for every one bitcoin mined. "In other words, a single application could soon null all of the 'natural selling pressure' that Bitcoin faces every day," he wrote.
Forbes contributing writer Billy Bambrough reported that Square founder and Twitter CEO Jack Dorsey is a crypto enthusiast who is driving bitcoin adoption worldwide. In "Twitter's Jack Dorsey and Square Are Making Mass Bitcoin Adoption 'Inevitable'," published May 22, 2019, Bambrough noted that Dorsey has taken a major stake in the cryptocurrency ‒ professionally and personally.
"Now, Square has said it plans to 'improve money' though its bitcoin and crypto development, while Square Crypto is poised to hire its first dedicated employee—with many bitcoin and cryptocurrency investors hoping Square will lead a wave of fresh bitcoin adoption," Bambrough wrote.
Square claims that its Cash App, available in the Apple App Store and Google Play, is the easiest way to send and receive money among friends and family. Users can now expect the same simplified, frictionless experience when they transact with bitcoin, Square representatives stated.
"We've made it just as easy to buy and sell BTC straight from your Cash App balance," the Square website states. "Unlike other apps, most of our buys and sells happen in seconds. You can even spend your proceeds from a free Visa debit card. Bitcoin's price is volatile and unpredictable, so please make wise financial decisions."
Square additionally cautions users not to spend more than they can afford. The company's website defines bitcoin as "the most well-known example of a cryptocurrency" and provides FAQs and disclaimers related to associated risks of buying bitcoin.
Square's Cash App charges no fees to buy or sell bitcoin and even goes as far as providing a 1099 tax form to sellers to report their sales from the previous year. Users only need a 0.001 bitcoin balance to purchase or withdraw bitcoin from their Cash App; transfers to external wallets can be completed in under an hour. Bitcoin deposits to third-party wallets are on the company's near-term roadmap, according to the website.
Editor's Note: The Green Sheet will be closed from the afternoon of May 24 until Tuesday morning, May 28, 2019. We wish everyone an enjoyable Memorial Day weekend.
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