Square sold BTC on $1.63 billion for the III quarter 2020 of the year

According to Square's report, for the III quarter 2020 years through the Cash App, bitcoins were sold in the amount of $1.63 billion, and this is almost twice as much, than in the II quarter.

Selling bitcoins in the III quarter 2020 of the year brought Square $32 million profit. It's just 4% of the company's total profit for the reporting period, However, the growth of the indicator for the year made impressive 1 500%.

At first 2018 of the year, когда в приложении Cash App появилась возможность покупать и продавать биткоины, The total trade volume of the first cryptocurrency was $3.4 billion. Trading volumes for the III quarter 2020 year make up almost half of the total trading volume.

"The volume of bidding and profit has grown markedly due to the growth of the average number of transactions and volumes of purchases", - noted in the company's report.

Recall, that in the first decade of October, Square bought 4 709 BTC for the amount $50 million. Then the first cryptocurrency was worth $10 500, Now bitcoin is traded in $15 500. Bitcoin investments made up about 1% From the general assets of the company.

“In October 2020 We invested for years $50 million per Bitcoin, since we believe, that cryptocurrencies will help expand economic capabilities. And this corresponds to the goals of the company. We expect to keep these investments for a long time ", - note company representatives.

Interesting, that according to the Bitinfocharts portal, The average amount of the BTC transaction in dollars has increased since July of this year from $25 000 to $151 000 As of 20 October.