Square has purchased $1.5B $BTC over the last 12 months to meet retail demand for @CashApp purchasers
— Messari (@MessariCrypto) August 5, 2020
That is a LOT of Bitcoin.
Jack Dorsey’s Cash App is a major driver in the sales of crypto to retail investors. PayPal and Venmo are soon to follow, with Square’s overwhelming success forcing their hand – somewhat ironic, since one could argue that crypto is a superior product to both PayPal and Venmo for money transmission.
The majority of those BTC purchases happened in the second quarter of 2020. The Cash App reports roughly $858 million in BTC, which represents more than a 186% increase over 2020 Q1.
“Cash App generated $875 million of Bitcoin revenue and $17 million of Bitcoin gross profit during the second quarter of 2020, up 600% and 711% year-over-year, respectively.
Bitcoin revenue and gross profit benefited from an increase in Bitcoin actives and growth in customer demand.”
I think it is somewhat clear that demand for Bitcoin is rising markedly and that there are few signs that this trend is likely to stop any time soon.
Welcome to mainstream adoption.