The company strongly believes in cryptocurrency as an instrument of economic empowerment and has put 1% of its total assets, worth nearly $50 million, in bitcoin. The bitcoin gross profit during the second quarter of 2020 surged 711% year over year. Cash App posted $875 million of bitcoin revenue during the second quarter, up 600% from the prior-year period. SQ also boosted its network to over 30 million monthly active customers in June. And Bitcoin investing is a part of SQ’s Cash App product. The company’s Cash App delivered a robust 167% increase in gross profit compared to the year-ago quarter. In the second quarter, SQ’s net revenue climbed 64% year-over-year to $1.92 billion on the back of its Cash App ecosystem. Square’s Cash App includes a feature that allows customers to buy and sell bitcoin. SQ has also launched a non-profit organization - Cryptocurrency Open Patent Alliance or COPA - to encourage crypto innovation and open access to patented crypto inventions. The company has also formed a dedicated team called Square Crypto which is focused on enhancing the BTC network for hassle-free cryptocurrency transactions. SQ has forayed into the peer-to-peer investment market in the past three years. However, it is now well-known for its innovations in crypto and blockchain technology. SQ is predominantly known as a digital payment app. Let’s take a look at how these stocks are placed. ( SQ ), PayPal Holdings ( PYPL ), Nvidia Corp ( NVDA ), and CME Group ( CME ). Therefore, investing in this growing industry by betting on the right stocks can be highly rewarding.įour stocks that could be on fire during the next Crypto boom are Square, Inc. According to market experts, the burgeoning demand for Bitcoin might lead to history repeating itself. Rising demand for decentralized finance and cashless payments will be the major growth drivers.Ģ017 saw a cryptocurrency boom as the Bitcoin prices soared about 2000% in a year. According to Markets and Markets, the cryptocurrency market is projected to grow at a CAGR of 6.18% to $1.40 billion by 2024. Some believe that crypto will have the same impact on money that the Internet has had on information.Įven though the cryptocurrency is relatively immature, this market is all set to witness continued appreciation. The most well-known are bitcoin and ethereum. ![]() Over the last few years, cryptocurrencies have been one of the best-performing asset classes.
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