This is why all companies should buy Bitcoin, says Square’s CFO
In an interview for Fortune, Square CFO Amrita Ahuja made the corporate case for Bitcoin adoption. In Michael Saylor, CEO of Microstrategy, style Ahuja asserted that the cryptocurrency is part of an evolution of financial services globally. Square, led by Jack Dorsey, and the Saylor-led company were among the first publicly traded companies in the […]
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Square’s Cash App has increased Q3 Bitcoin revenue by 1,100% after more than $1.6 billion Bitcoin was purchased by users Cash App, the Bitcoin-friendly mobile payments app from U.S. financial services firm Square, has reported Bitcoin (BTC) has overtaken all other revenue sources, making up almost 80% of its entire revenue in the third quarter.In Square’s third-quarter report, Cash App’s Bitcoin-derived revenue of $1.63 billion in Bitcoin marked a massive increase of more than 1,100% when compared to the same period in 2019. Bitcoin revenue was by far the largest component of Cash App’s....
Other payment companies will also likely follow in Square's footsteps or risk getting shut out of a growing segment, JPMorgan wrote.
"The burdensome information collection and reporting requirements deprive U.S. companies like Square of the chance to compete on a level playing field," Dorsey said.
Square’s majority stake in Jay-Z’s streaming service Tidal will potentially help artists grow their fan bases using blockchain technology, a Gartner analyst said. Square’s majority stake in Jay-Z’s streaming service Tidal could potentially result in some blockchain-related functionalities on the platform, according to one analyst.Avivah Litan, a technology analyst at consulting company Gartner, suggested that Square’s $297 million investment could push Tidal to start taking advantage of new technologies like blockchain and cryptocurrencies, Reuters reports Friday.With Square’s help, Tidal....
Jack Dorsey’s Square now owns roughly 3,318 more BTC. Financial services outfit Square just announced it has picked up more Bitcoin. Square “has purchased approximately 3,318 bitcoins at an aggregate purchase price of $170 million,” the company said in a public statement on Tuesday, adding:“Combined with Square’s previous purchase of $50 million in bitcoin, this represents approximately five percent of Square’s total cash, cash equivalents and marketable securities as of December 31, 2020.”Bitcoin (BTC) has fallen significantly this week so far, dropping below the $50,000 mark after....