Even though adoption of bitcoin is lagging behind, demand has been increasing since the first quarter of 2018. Using the Square Cash app American consumers have been buying a lot more bitcoin in the last 18 months. In the second quarter of this year bitcoin sales increased with 237 percent compared with the same quarter last year. These financial details become public in Square’s financial report.
In the period from April till June the fin tech company sold $125 million worth of bitcoin. That’s approximately 15.000 bitcoin, and 7 percent of the total amount of mined bitcoin during that period.
Square’s sales in the second quarter of 2019 are almost double of the first quarter sales. Bitcoin sales go hand-in-hand with the bullish sentiment that started in April. Bitcoin hit the $4000 mark and continued its growth towards 13.000 dollars. Currently the pricing of bitcoin is still steady around 10.000 dollars, and the overall sentiment is still considered bullish.
Square’s CEO Jack Dorsey, who’s also the main man behind social media platform Twitter, is very impressed with bitcoin and blockchain technology. He even considers to implement blockchain technology into Twitter. Dorsey believes the cryptocurrency is here to stay.
“I haven’t seen any other currency that would challenge Bitcoin across the dimensions that I think are really important… It is 10 years old now, so it’s been tested over those 10 years, across every dimension from security threats, to governments, to forks, to agendas from miners, to nefarious nation states, and it’s been resilient to all those threats and challenges.”Jack Dorsey, Q2 2019 financial call
Bitcoin sales has been increasing, even in the times when the price was going down. Square’s sales obviously have a minor impact on the global scale, but nonetheless the increased sales is impressive. Adoption is slowly coming, as more and more companies are using payment processors like Bitpay to handle cryptocurrency payments. Twitch.TV is now accepting bitcoin again, Newegg accepts bitcoin payments worldwide, public transport in Brazil can now be paid with bitcoin, while payment processor Flexa enabled consumers to pay their coffee at Starbucks with cryptocurrencies.
Adoption is something that’s happening slowly, but steadily.
Also published on Medium.