Square’s focus on digital assets has resulted in tremendous results for the company, as on August 4 a shareholder letter revealed that its Q2 Bitcoin sales are greater than fiat sales.
Launched in 2017, it has only been just over 2 years since Square first showed interest in cryptocurrencies. In recent times, this has been doubled on. It is also very well known that Square founder and CEO Jack Dorsey is a fan of Bitcoin (BTC), saying that “it cannot be stopped.”
Square has said the surge in revenue comes from an increase in customer demand and volumes, as well as an increase in Bitcoin’s circulating supply.
Q4 2019 saw Bitcoin responsible for half of the company’s revenue and the letter provides evidence of even more popularity. Square pocketed $17 million from its Bitcoin sales, up 711% year on year. Total sales amount to $875 million. Q2 2020 revenue is also up 600% from the same time last year.