Gauging the popularity of Bitcoin is no easy feat. It is crucial to look well beyond trading volumes reported by centralized exchanges.
Making Bitcoin purchases accessible to US customers has been a smart move by Square.
Another big Bitcoin Quarter for Square
Since the introduction, the company has noted growth every single quarter.
New statistics confirm that this trend will not come to an end soon either.
During the previous quarter, Square noted its highest volume in Bitcoin sales to date.
With $177 million in BTC purchased through the Cash app, impressive growth has been noted.
When the service first launched, surpassing $50 million per quarter seemed like a tough nut to crack.
As the Square Cash volume increased, the price of Bitcoin remained rather volatile with plenty of bearish momentum.
Determining if that has a positive impact on the Bitcoin sales is difficult, albeit it may have contributed up to a certain degree.
Continuing this cycle of growth will be a key challenge for Square.
The numbers have increased spectacularly, yet it seems unlikely that surpassing $200 million will happen in the next quarter.
That being said, one never really knows what the future will hold for companies, especially those providing some form of exposure to cryptocurrencies.