Square’s Cash App Bitcoin Revenue Decreased 33% In Q3

The American-based payment company Square Inc. reported a drop in Bitcoin revenue month over month from its Cash App during the third quarter of 2021, the total amount being $1.82, overall, 11% up from last year. Square has found profit in midst of the pandemic as many users grew to need e-commerce services. The number of processed transactions on the app during the third quarter went up 27% with a total amount of $3.7 billion. The company is led by Jack Dorsey, who also runs Twitter and is a big BTC enthusiast, currently aiming to invest in the future of decentralization and new economic systems. Square’s third quarter of 2021 had total net revenue of $3.84 billion, 27% up from last year; $2.03 billion excluding BTC. Its gross profit went up 43% year over year with $1.13 billion. The revenue from transactions was $1.30 billion, up 40% since 2020. However, bitcoin revenue and gross profit dropped compared to the second quarter. The company stated the decrease is due to the “relative stability in the price of bitcoin”. In the third quarter of 2021, we recognized a loss of $7 million driven by the adjustment to the revaluation of equity investments as well as a $6 million bitcoin impairment. Bloomberg reported what Chief Financial Officer Amrita Ahuja at Square shared with them: Bitcoin transactions through Cash App have grown tremendously over the past two years, but Bitcoin revenue can be a deceiving metric. Square...