Square Skyrockets in Price After Bitcoin Expansion
After the fluctuating year for Bitcoin, the leading cryptocurrency has plummeted from a massive high of $20000 last year to just below $6000 as of recently. The cryptocurrency industry prepared itself for exchanges and crypto-related businesses to tumble down with Bitcoin but Square, the financial service provider created by Jack Dorsey, has seen nothing but incredible performance.
After the company was launch by Twitter’s Chief Executive Officer and began operations early this year, the company began supporting Bitcoin, allowing Bitcoin sales and purchases to its customers. Square’s interesting and rush into the digital industry surprised no one after Jack Dorsey took quick interest into cryptocurrencies as support during his CEO employment.
According to reports, by introducing Bitcoin into Square, managed to induce Bitcoin sales worth almost $35 million to customers within just the first quarter of 2018. As of now, recent reports are stating that the company’s Bitcoin services are ongoing given the evident success.
Namora Instinet, a constant advocator of Square, explained that Square Cash has separated itself from Bitcoin and its performance, establishing a reputation of its own. According to Namora, Square is operating and spreading at triple the speed of Paypal’s initial transition to mobile payment services and has seen the number of downloads in millions within the last two months.
Instinet analyst and executive of Square explained in a statement that concerns began rising after Square Cash climbed alongside Bitcoin in terms of performance although it has managed to detach itself from Bitcoin. Square Chase has seen an increase in the number of downloads at almost 155 percent, placing it in a hopeful position of surpassing Venmo which currently holds almost 32 million downloads, the highest in its category.
As per reports, Coinbase applications have seen a long and steady decrease in the number of downloads as the world’s largest exchange attempts to hold onto its position. Despite skyrocketing on app stores in terms of downloads, the Coinbase app is seeing the same drop as Bitcoin.
The new application's users are expressing more interest and positivity towards Square Cash due to its zero-fee transactions, although it currently only provides Bitcoin as a cryptocurrency. The company’s stock has risen almost 90 percent. Its 154 percent YoY display proves just how well Square is currently performing as well.