Square’s Bitcoin Sales Volume Has Increased Sixfold Since Q1 2018
Getting more people interested in Bitcoin remains a big hurdle to overcome. Square, the popular financial services provider, is doing its part to make this happen.
Thousands of financial service providers exist around the world. Some of them explore options outside of traditional finance.
Another Good Quarter for Square
Square is one of those providers, as they seemingly favor cryptocurrencies. The company allows users to buy and sell Bitcoin.
Although that decision was risky at the time, users have taken a genuine interest in this option. Every quarter, the sales of Bitcoin have risen.
Despite a rather lackluster start in 2018, things have improved significantly. During Q3 2019, Square noted the highest volume of Bitcoin sales to date.
With $148m worth of transactions, the demand for cryptocurrencies is not slowing down. It also makes the sixth straight quarter of growth for the company in this department alone.
Compared to the initial figures in Q1 2018, Square notes a strong growth overall. The volume has nearly tripled since then, despite Bitcoin’s price going through an extensive rough patch for most of 2018 and early 2019.
These figures also confirm Square made the right call by letting clients buy and sell Bitcoin through their mobile app. It is likely that other service providers will integrate similar functionality over time.
The big question is what this means for the cryptocurrency industry. An increase in Square’s sales is promising, but not necessarily a market indicator.
Throughout 2019, the Bitcoin price has struggled to reach $10,000 and stay there. It now appears the final two months of the year may allow for this to happen again.
Image(s): Shutterstock.com
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JP Buntinx, Khareem Sudlow