Square Shares Soar 12% Amid Rising Bitcoin Cash App Sales
Bitcoin helped Square’s stocks skyrocket
SQ Shares Up 80% Since March Collapse
The company continues to further develop global Bitcoin adoption
International consortium of news organizations developing transparency standards.
Shares of financial startup Square jumped amid big selloffs for bitcoin in the Cash App mobile app
Financial startup Square rose 12% after the company reported successful Bitcoin sales through its Cash App. At the time of writing, the SQ share price is $ 198.08.
We will remind, earlier Square reported that in the III quarter it sold bitcoins for a total amount of more than $ 1.63 billion, while the gross profit for the sale of bitcoin for the third quarter was $ 32 million.Thus, sales of bitcoin in the Cash App increased about 11 times than a year earlier.
The Cash App was originally conceived as a counterpart to PayPal’s Venmo and a mobile peer-to-peer payment tool. However, after the addition of support for bitcoin, the company’s turnover increased significantly.
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Peter Christiansen, an analyst at the largest international bank Citi, has already called Square’s growth opportunities “too big to ignore.”.
Since the beginning of the year, SQ shares have grown by 67%, and since the March collapse by 80%..
Founded by Twitter founder Jack Dorsey, financial startup Square has a long history in the cryptocurrency market. Despite the fact that the company does not position itself solely as an app for buying bitcoin, it is Square that makes a huge effort to spread cryptocurrencies among the wider masses..
At the end of October, the company awarded a grant to a developer who set out to create a Bitcoin wallet convenient for inexperienced users. In early 2020, Square also invested in Bitcoin startup Lightning Labs alongside Robinhood and Litecoin founder Charlie Lee..
Jack Dorsey has also repeatedly demonstrated his loyalty to bitcoin. In September, the Twitter founder said the Internet “needs its own currency,” adding that Bitcoin is better suited to this role than others. Among the barriers to the spread of bitcoin, Dorsey noted the speed of transactions, cost-effectiveness and a general understanding of the concept of digital assets..
At the time of this writing, the price of BTC / USDT is $ 15,400.
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