BTC transactions growing on Square's Cash App

03 May, 2019
by David Robb
Adoption
BTC transactions growing on Square's Cash App

Square's Cash App appears to be leading the way for retail Bitcoin adoption. Market analyst Yassine Elmandjra tweeted a chart showing the growth rate of BTC transactions, suggesting that they could soon outstrip the mining rate.

The growth rate in Bitcoin transactions on Square's Cash App was signifcant over the course of 2018, and it is continuing to rise. Projecting this growth into the future, Elmandjra sees some significant developments for the BTC market.

By Q1 of 2020, the current growth rate will see daily BTC transactions break past the 10,000 mark. If this continues past the Bitcoin mining reward halving which is scheduled for 2020, we will see the daily BTC transaction rate outstrip the mining rate by two times, and over three times by the end of the year. This would have a major effect on Bitcoin's price.

Many observers on Twitter took issue with this extrapolation. They claimed that such growth was hard to predict, assuming that the biggest increase in adoption would be in the earlier phases of Square's platform integrating BTC. Others also pointed out that the transactions included purchases and sales, so the figures weren't necessarily reflective of what they were claimed to be. Some comments were supportive of the prediction, however, pointing out that Cash App still hasn't been rolled out in Europe.

Follow Chepicap now on Twitter, YouTubeTelegram and Facebook!

Chepicap is now LIVE in Blockfolio! This is how you receive our latest news in your portfolio tracker!  

Read more about: Square Cash

Poll

Do you think Square's involvement with BTC will be a good thing for crypto?

(28 votes)

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage