Cash App Reports $1.96B In Bitcoin Revenue In Q4

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Cash App Reports $1.96B In Bitcoin Revenue In Q4

Cash App, the mobile payment service developed by Block Inc., formerly Square Inc., generated $10 billion in bitcoin revenue and $218 million in bitcoin gross profit in 2021. Block Reports $1.96 Billion via Cash App On Thursday, Jack Dorsey’s Block Inc. released its Q4 2021 earnings report. The report noted that the company made $1.96 billion in bitcoin sales during the fourth quarter of 2021 via its Cash App, producing $46 million in gross profits from bitcoin, up 12% and 14% year-over-year (YoY), respectively. Meanwhile, the compounding annual growth rate (CAGR) for Cash App’s bitcoin revenue and gross profit has grown by 232% and 285% YoY, respectively. As of December 31, the fair market value of the company’s bitcoin holdings was $371 million. “Compared to the third quarter of 2021, bitcoin revenue and gross profit increased on a quarter-over-quarter basis, driven primarily by increased volatility in the price of bitcoin, which affected trading activity compared to the prior quarter,” Block noted. “For the full year of 2021, Cash App generated $10.01 billion of bitcoin revenue and $218 million of bitcoin gross profit, up 119% and 124% year over year, respectively,” the report concluded Only Bitcoin Over Others Cash App initially allowed users to buy and sell Bitcoin (BTC) in 2017. Since then, the company has refused to allow access to other cryptocurrencies beyond the flagship cryptocurrency. This is likely due to Block CEO Jack Dorsey’s rejection of other cryptocurrencies in favor of Bitcoin. In fact, he recently criticized Ethereum and the entire concept of Web3, saying the concept is more of a centralized project built on blockchain technology and controlled by venture capitalists.

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Time Stamp: February 26, 2022