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Square could spark widespread adoption of bitcoin
Earlier this week, Ethereum World News announced that Square, a San Francisco-based fintech start-up, had sold millions of Bitcoin (BTC) during the 2018 fiscal year. In fact, since the launch of its crypto-currency offering early in 2018, at its peak Following the recent cycle, Square's flagship Cash App, a flagship application, generated $ 166 million in revenue from the sale of BTC. Just in the fourth quarter, the company sold for $ 52 million of digital assets, even as Bitcoin had failed in a semblance of capitulation of investors. Square's BTC business also showed a clear upward trend: the company led by Jack Dorsey found that this facet of its operations posted greater profits from one quarter to the next.
According to Square's income distribution in The Block, Cash App probably sold about 10,000 BTCs during the previous period, which is not nothing. This has led some analysts to keep their heads up because it is clear that there is infrastructure to accentuate this ecosystem that is far from dead in the water.
Alec "Rhythm Trader" Ziupsnys expressed his opinion on Square's involvement in Bitcoin in a comment posted on Twitter. Ziupsnys wrote that Square had sold 6.2% of the value of the 162,000 BTCs operated last year. For a company, especially a company that does not focus on the cryptocurrency space, it's obviously impressive.
Matt Odell, a leading coder in this space, has echoed the comment of Ziupsnys, responding with a link to one of his tweets on the subject. In the Twitter post, posted a few months ago by Odell, it was explained that during the next bullish rally, it is more likely than unlikely that Cash App, one of the most popular mobile apps on the market. US App Store, become a key element. industry, as it will be an easy-to-use ramp that could lead to widespread adoption of the retail trade. But it's interesting to note that taking charge of Bitcoin's purchases and sales may just be the tip of the iceberg. Rumor has it that Square, with Jack Dorsey, an inflexible Bitcoin at the helm, can also become a platform for cryptographic-friendly merchants.
The Lightning network can come instead
According to previous Ethereum World News reports, Dorsey was speaking to Bull's podcast, Stephan Livera, to confirm rumors that his financial technology company would offer support for Lightning Network, a sizing solution that promotes low-cost solutions. costly, almost instantaneous, secure and more private BTC transactions for everyone.
During the podcast, during which Lightning Labs general manager Elizabeth Stark made an appearance, the CEO of Twitter explained that Square's integration of the scaling protocol is a matter of "when," not "if". move, Dorsey explained that his company reason to be is to serve customers better, with Lightning only reinforcing that goal.
He added that Square regarded the underlying nature of Bitcoin as a currency, rather than a mere speculative asset. And as it stands, the widespread adoption of the Lightning Network is the most promising way to achieve this goal.
And with all of this in mind, Ziupsnys noted that Bitcoins Square's efforts might be just as important for the price and adoption of BTC as for an ETF and Bakkt combined.
Photo by Dmitry Moraine on Unsplash
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