Revenue from Bitcoin sales doubled

According to Square’s published report, Bitcoin revenue doubled in Q2 2019. Square has published its financial report, according to which the revenue from Bitcoin sales through the Cash App in the 2nd quarter of this year is equal to $125 million, which is almost 2 times more than in the 1st quarter. The report states the following: “In the 2nd quarter, the rapid increase in the price of Bitcoin led to high trading volumes, which would have allowed the profit from bitcoin sales to almost double the revenue. In this case, the gross profit would be equal to $2 million. Cash App’s total profit for the 2nd quarter is $260 million. Moreover, about 123 million dollars have already been spent on the purchase of digital currency. Compared to the previous year, Square was able to sell Bitcoin worth $166 million. It is worth noting that in the 1st quarter of this year, the company earned only 65.5 million dollars, and net income amounted to only 832 thousand dollars. K. Brandler, chief research officer of aresearch company called CB Insights, said: “In a short time after Square introduced the ability to buy Bitcoin using the Cash App, its products became more interesting to potential users. Of course, it’s unlikely to make a lot of money on this, but it will definitely help to increase the number of attracted customers.”