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In brief: One of the places where Bitcoin is showing up is Square Cash, where a significant chunk of all transactions are now made using the popular cryptocurrency. The company impressed investors and is optimistic about the huge potential market for Square Cash, despite the coronavirus crisis.
Bitcoin's price may have dipped below $9,000 on Wednesday, but it still has a market capitalization equivalent to that of Nvidia. And if that doesn't sound like a big deal, companies like Square see a significant amount of growth from the use of the popular cryptocurrency.
According to the latest quarterly financial report from Jack Dorsey's Square, the company reached 24 million active users in the three months ending in December 2019, which is 60 percent more than it had in 2018.
The payments processor exceeded analyst expectations with revenue of over $1.3 billion, which is a solid 41 percent year-over year increase. The company's net income was around $391 million, which includes $374 million from its sale of Caviar to DoorDash.
Square's Cash app generated $361 million, and $178 million of that came from Bitcoin transactions in just three months. For the entirety of 2019, the cryptocurrency brought in no less than $516 million in revenue.
Most of the quarterly and annual profits were still made through things like Square Card, as Bitcoin transactions incurred a cost of $508 million. During the investor call, someone asked Jack Dorsey whether Square is considering any local delivery functionality, to which he only responded that the company is open to the possibility.
Some are speculating that a TikTok campaign is behind the surge in Cash app users. Square had multiple TikTok musicians compose songs about the app, generating 136.5 million views on over 9,600 videos. This could very well turn into an issue, as TikTok has built a reputation of being "fully parasitic" and "truly terrifying."