The Market Refresh by Blockfolio

Share this post
60% Of Square's Q1 Cash App Revenue Came From Bitcoin
marketrefresh.substack.com

60% Of Square's Q1 Cash App Revenue Came From Bitcoin

And smashes record with $306M in BTC revenue

Blockfolio
May 6, 2020
2
Share this post
60% Of Square's Q1 Cash App Revenue Came From Bitcoin
marketrefresh.substack.com

Happy humpday, Blockfolians

The Lede

Hot off the presses, Square has released its Q1 earning statements. Let’s not bury the lede:

Image

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
Twitter avatar for @QWQiao
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.
12:45 PM ∙ May 6, 2020
195Likes24Retweets
A great illustration of interest rates in historical terms
Twitter avatar for @JasonYanowitz
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.
Image
10:22 PM ∙ May 5, 2020
31Likes8Retweets

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.

Twitter avatar for @RyanSAdams
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.
1:55 PM ∙ May 6, 2020
785Likes140Retweets

Final Thought

Seriously, though.

Twitter avatar for @awealthofcs
Ben Carlson @awealthofcs
This is honestly the best description of FinTwit I’ve ever read
Twitter avatar for @stoolpresidente
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.
12:20 PM ∙ May 6, 2020
508Likes31Retweets
Share this post
60% Of Square's Q1 Cash App Revenue Came From Bitcoin
marketrefresh.substack.com
Comments
TopNewCommunity

No posts

Ready for more?

© 2023 Blockfolio
Privacy ∙ Terms ∙ Collection notice
Start WritingGet the app
Substack is the home for great writing