Square dropped their quarterly earnings on the market yesterday afternoon and made the public aware of $65.5M in BTC sales on the Cash App during the first three months of the year. Pretty impressive and consistent growth if you ask Uncle Marty.
I think a driving factor of Cash App's success up to this point has been the fact that the team seems to be laser-focused on perfecting the experience and making #stackingsats as seamless as possible. It also helps that Square has the ability to lean on its core business so they can attain the level of focus needed to execute the Bitcoin buying experience. Being able to bootstrap a potential buyer base via preexisting Cash App users certainly doesn't hurt.
In my opinion, a very underscored theme being covered in wake of Cash App's successful foray into Bitcoin is that they highlight an advantage already established companies may have over hopeful "crypto-native" upstarts looking to grab market share. Large, successful companies with established revenue streams are able to leverage BTC as another consistent revenue stream without having to chase revenue via the even riskier altcoin markets as companies like Coinbase have been forced to do. Couple this ability to focus with ample capital and a preexisting user base, and we may find that patient incumbents who have simply been waiting for confirmation that Bitcoin is here to stay (maybe being around for a decade will be big for some of these companies) jump into the fray and eat up significant market share.
We shall see, this is just some random pondering.
Bitcoin Core 0.18.0 released
The latest version of Bitcoin Core is now live and in the wild. Time to upgrade your nodes! Will cover more of the features in the coming days/week.
Daydreams of night swims have begun in earnest. Summer is coming.