Overall, bitcoin (BTC) had the wind in its sails at the end of the first quarter of 2023. But specifically, it remains a particularly profitable asset for several crypto companies. These can rub their hands in view of the more than satisfactory return on investment achieved.
$2 billion in profits for Cash App at 1er quarter thanks to BTC
Bitcoin (BTC) confirms that it remains a good investment in 2023, despite the bear market. Recently, the firm MicroStrategy indicated that it had made $94 million in profits on the 1er quarter, thanks to BTC.
These are peanuts, compared to those made by Cash App over the same period. Information published on Friday May 5 reveal that the crypto platform, operated by Square, generated $2.16 billion. An astronomical result exclusively achieved thanks to bitcoin.
The least we can say is that the performance of the application is impressive. They represent a significant increase of 18% compared to the $1.83 billion achieved in the last quarter of 2022. Year-on-year, Cash App’s bitcoin revenues show a 25% increase.
This is without taking into account the total profits made by the platform on 1er quarter of 2023. At $931 million, Cash App’s total profits are up 49% compared to 2022.
This multi-billion dollar revenue has resulted in “an increase in the amount of bitcoins sold to customers”. This, by compensating for the losses linked to the fall in the price of BTC, carried out, last year, at the same period.
With these more than positive results, stakeholders are now planning a new cycle of growth. Artificial intelligence (AI) and open protocols are identified as the targets for reaching new long-term heights. In the immediate term, these would be gateways that could help to deal effectively with the “significant changes” induced by the failure of the global financial system.
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