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:

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!

Enjoying Blockfolio’s Market Refresh? Sign up to have it delivered every day.

---

Highly Relevant Reading

• Even though the price is up, bitcoin’s node count is at a 3-year low

• Polkadot lays out initial steps as launch approaches

• The Libra Association has named a CEO in former HSBC chief legal officer Stuart Levy

• Ohio lawmakers have proposed blockchain-based voting

---

Community Commentary

Messari analyst argues that this rally is real and strong

Qiao Wang @QWQiao

Feeling pretty good about this rally: #btc leading alts and futures in weak contango tend to be a sign of new money inflow. Something I haven’t seen in a long long time.

A great illustration of interest rates in historical terms

Jason Yanowitz @JasonYanowitz

Interest rates decline in the very, very long-run. This beautiful chart from 1310-2018 shows that global real interest rates have been declining for 700+ years.

---

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.

Ryan Sean Adams - rsa.eth @RyanSAdams

MY TAX MONEY IS FUNDING TRON WTF???

decrypt.coUS hands Justin Sun a $2 million coronavirus relief grant - DecryptThe Tron platform received aid money in excess of $2m, according to its Chinese WeChat channel. That’s despite making a slew of recent acquisitions.

---

Final Thought

Seriously, though.

Ben Carlson @awealthofcs

This is honestly the best description of FinTwit I’ve ever read

Dave Portnoy @stoolpresidente

I don’t know how all of #fintwit aren’t billionaires because every single person is right about every single stock move of all time and not only that but they are the biggest no brainers decisions of all time and you’d have to be an idiot not to see them coming.