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PayPal’s Rival Square Adds $170 Million Worth of Bitcoin to its Balance Sheet

PayPal has a new payment rival in the market that goes by the name Square; unlike other payment systems that are potentially afraid of attaching any of their business game with Cryptocurrency, Square seems not frightened at all. In fact, Square has recently increased its Bitcoin volume from 1% to about 5%. Square Inc. published an earnings report recently in which the company revealed that it had made a $170 million worth of Bitcoin purchase at a subtle rate of $51.3K during the recent price drop of Bitcoin within the crypto market.     

Bitcoin Being a Helping Hand in Pushing Square Inc.’s Revenue

Cash App developed and ran by Square Inc. remains the primary income source for the company along with the fee earnings they had from the selling and through the purchase of Bitcoin. The number of active users for the Cash App is at a staggering 36 million now that connote to increase by 50% every passing year, which is pretty great for a new startup in such a competitive market.

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In 2020 Square Inc. did generate a handsome revenue of about $9.5 billion that accounted for almost 48% of the enterprise’s revenue. Such handsome rewards and ample gains have pushed Square Inc. to follow this strategy through and through as it did make 2% of the revenue regarding the profit of $100 million. The overall increase in its revenue from Bitcoin is nine times higher than the last year.

Artificial Interest of Big Wall Street Entities in Bitcoin

All these numbers and values suggest that the corporate sector is taking too much interest in cryptocurrency, and that also explains the volatility of the crypto market these days. Elon Musk and other big names coming to the big picture clearly explain that the interest of the finance sector in Bitcoin and other cryptocurrencies is artificial and might contribute to a big market bubble in the future.

The rate of Bitcoin is not that consistent, with such massive drops in a single day and conveniently impressive rebounds other day shows the artificial interest of the corporate sector into the cryptocurrency and how it might make the crypto market suffer. But that is for another day, and at present, not much proof is present to justify this scenario, but one thing is for sure many smart people are making some serious money through the crypto investment, while others follow their lead.           

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Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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