The Jack Dorsey-backed payments platform, Square Inc., set a new record in bitcoin [BTC] quarterly sales in Q1 of 2019, via its Cash App.
In the announcement’s wake, Square revealed that the organization recorded $65.5 million in revenue from bitcoin [BTC] sales, equivalent to approximately 17,000 BTC.
The growth recorded by the company is significant since, it is more than 70 percent when compared to the quarterly bitcoin sales of Q4, 2018 and almost 5 times the volume recorded in Q1 of 2018.
The surge in value and revenue can be speculatively attributed to Jack Dorsey’s #stackingsats movement on social media.
The #stackingsats movement basically involves the act of storing fractions of bitcoin [BTC] worth around $25, in preparation for further adoption of the largest cryptocurrency. The campaign gained a lot of traction on Twitter and Jack Dorsey joined the movement after he bought $25 worth of BTC via his own app.
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Published at Sat, 04 May 2019 00:37:37 +0000
