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Block reports $1.96 billion in bitcoin sales via Cash App during fourth quarter of 2021

2022/02/25 00:47

According to the block, Payments company Block, formerly known as Square, reported·Cash App brought in $1.96 billion worth of bitcoin sales during 2021's final quarter. Cash App saw $46 million in bitcoin gross profit during the period. For the full year of 2021, Cash App generated $10.01 billion of bitcoin revenue and $218 million of bitcoin gross profit, up 119% and 124% year over year, respectively. "Bitcoin revenue and gross profit benefited from year-over-year increases in the price of bitcoin and number of bitcoin actives," the firm explained. "Compared to the third quarter of 2021, bitcoin revenue and gross profit increased on a quarte-rover-quarter basis, driven primarily by increased volatility in the price of bitcoin, which affected trading activity compared to the prior quarter. In future quarters, bitcoin revenue and gross profit may fluctuate as a result of changes in customer demand or the market price of bitcoin.”
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