THE FAMOUS PAYMENT APP EXPLAINED: WHAT ABOUT THE INTEREST IN BITCOIN?
The number of people wanting to buy Bitcoin on the Cash App is growing.
Square's Chief Financial Officer, The leading us payment app, spoke of the rise in interest in bitcoin (BTC) in an investor conference call on Tuesday. Interest in Bitcoin trading in Square's Cash App seems to be running to a record, especially in the days when the coronavirus crisis has increased its impact within the US.
CFO Amrita Ahuja expressed the following about Bitcoin during the conversation:
He said: “investment and interest in bitcoin has experienced a significant increase in recent days. Given the new market interest and volatility, they are thought to increase interest in Bitcoin.”
Interest In Bitcoin Is Growing By The Day
Square had previously stated that the firm-wide total of Bitcoin trading in the fourth quarter of 2019 was $ 178 million. In all of 2019, the firm is known to have made $ 516 million in bitcoin sales, bringing in $ 8 million to the firm as a net return.
Square, which does not only offer bitcoin as a means of payment, also offers support for BTC-based subscription services. Square initially faced severe backlash when it began offering Bitcoin trading services through the Cash App, and traditional finance participants had criticised the firm. Even so, the day-to-day growth of the Cash app shows a step forward.
During the interview, Square's and Twitter's Chief Executive Jack Dorsey also reiterated that interest in Bitcoin had increased. CFO Ahuja said in a statement that not only has interest in Bitcoin increased, but also customers ' buying habits.
The Cash App managed to break its own record on customer activity last week, when markets suffered a sharp decline.