The founder of the social giant Twitter and the Bitcoin payments provider Square made positive remarks on Bitcoin. He said “We love you, Bitcoin” during the Square Q2 2019’s earnings call.
Square is the financial services, and the mobile payment company is based in San Francisco. Jackey Dorsey and Jim McKelvey, the founders of the company, launched its first application Cash App in 2009, started as a competitor to the Venmo PayPal’s peer-to-peer (P2P) mobile payment solution.
Cash App is the application, which is one of the most popular applications of Square that allows the users to request and transfer of money to other users. The application started supporting the bitcoin trading in November 2017 with the option to select 3 million of its Square Cash App customers.
With the announcement of the support to Bitcoin, the price of the stocks increased significantly to $1 billion in just five days. And yesterday the shareholder of Square revealed that the company drove “strong revenue growth at scale” in “Q2 2019 Shareholder Letter”. He also highlighted that CashApp had generated around $260 million revenue, and Bitcoin revenue alone has accounted for $125 million. And overall, the company has suffered $7million of loss in this quarter.
Also, Kevin Rooke the investor of Square informed that $125 million figure for Q2 2019. Around “7% of all Bitcoin mined in the past three months was acquired via a single app that didn’t exist two years ago,” and further added: “let that sink in.”
In the Q2 2019 Earnings Conference Call when asked for remarks he said, “We love you, Bitcoin […] we saw 3.5 million customers use Cash Card in June, typically using it to purchase multiple times per week. Our seller and Cash App ecosystems have incredible roadmaps ahead to deliver on our purpose of economic empowerment.”