60% Of Square's Q1 Cash App Revenue Came From Bitcoin
And smashes record with $306M in BTC revenue
Happy humpday, Blockfolians
The Lede
Hot off the presses, Square has released its Q1 earning statements. Let’s not bury the lede:
![Image Image](https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F1d9bc899-2d2e-4dc6-8784-bd8c78ffc748_602x237.png)
Square and Cash App continue to be one of the most important on-ramps for crypto. This record growth suggests that some combination of market volatility, the bitcoin halving, and unlimited Fed spending is attracting a new user base.
Go, Jack, Go!
![](https://substackcdn.com/image/fetch/w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F1d7eeaa0-8d1c-4c5f-8adc-4b696f61a1dc_2080x1231.png)
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Community Commentary
Messari analyst argues that this rally is real and strong
![Twitter avatar for @QWQiao](https://substackcdn.com/image/twitter_name/w_96/QWQiao.jpg)
A great illustration of interest rates in historical terms
![Twitter avatar for @JasonYanowitz](https://substackcdn.com/image/twitter_name/w_96/JasonYanowitz.jpg)
![Image](https://substackcdn.com/image/fetch/w_600,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fpbs.substack.com%2Fmedia%2FEXSXnt4WkAABr45.jpg)
A Really Big Number We Should Be Paying Attention To
$2.4M
That’s the size of the PPP loan that Tron seems to have gotten from the US government. The crypto community is….not enthused.
Final Thought
Seriously, though.
![Twitter avatar for @awealthofcs](https://substackcdn.com/image/twitter_name/w_96/awealthofcs.jpg)
![Twitter avatar for @stoolpresidente](https://substackcdn.com/image/twitter_name/w_40/stoolpresidente.jpg)