Cash App Welcomes 1 Million New Bitcoin Users

Bitcoin is continuing to go mainstream, as more people now use the coin for transactions. Cash App, a mobile payment service developed by Square, says 1 million new Bitcoin users joined it this January alone.

1 Million new Bitcoin Users in one Month

The number was made known to investors and stakeholders during a conference call yesterday. Previously, Square had a total number of 3 million Bitcoin users at the end of 2020. Now, adding the number of users that joined in January, the company can now boast 4 million Bitcoin users.

Speaking during the call, Amrita Ahuja Cash App’s Chief Financial Officer said Bitcoin volumes increased on the app. She explained that these numbers per customer were more than twice their levels in 2019. Ahuja says this was “mostly driven by buying activity of both existing and new customers.” 

The CFO also points out that more than 1 million people bought Bitcoin for the very first time with the app. The numbers are very encouraging, considering the fact that more people are now transacting with Bitcoin. CEO Jack Dorsey and Jason Lee, Head of Investor Relations, were also on which discussed Square’s earnings for Q4 2020.

Bitcoin generated a massive return for CashApp in 2020. In the fourth quarter, the payments firm made up to $1.76 billion from Bitcoin. Throughout 2020, Cash App reports an earning of $4.57 billion, which is about 8 times what it made in 2019. The impressive Bitcoin price rally late last year also boosted Cash App’s earnings in 2020.

Dorsey Believes in the Future of BTC

The company believes that Bitcoin use will grow more with time. Ahuja says that only 1 in 10 Cash App users currently use Bitcoin, and is optimistic the number would grow soon. Cash App has a program called Bitcoin Boost, which encourages customers to use Bitcoin, by rewarding them for usage.

Square, Cash App’s parent company, recently just revealed that it had bought BTC worth $170 million, as reported by Coindictate. Jack Dorsey, the CEO of both companies, believes that Bitcoin has a bright future, calling it ‘the Internet’s native currency.