Cash App's Bitcoin Revenue in Q2 Jumps 200%, Profits up 3X
Bitcoin and crypto is big business going by Square's Q2 2021 report on Cash App. The ramp allows citizens in the U.S. to trade Bitcoin for USD, a decision that they took four years ago when the application launched.
Reading from the report, their Bitcoin revenue rose 200 percent in Q2 2021 to $2.72 billion from $875 million.
At the same time, gross profit jumped to $55 million from $17 million.
According to the payment services provider, the surge in both revenue and profit was due to the overall rise in Bitcoin and crypto prices.
The Bitcoin price more than tripled from the last quarter of 2020, peaking at over $64k fanned by increasing institutional demand and retail adoption.
Due to this spike, the resulting rush for retail investors contributed to CashApp's expansion in revenue and profits, an overall net positive, highlighting how lucrative Bitcoin is.
Concurrently, it points to increasing acceptance of the coin as an alternative, cheaper means of moving value and investment.
Meanwhile, Square also recognized an impairment loss of $45 million attributed to a sharp contraction of prices in the second half of Q2 2021.
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