The real-life adoption of cryptocurrencies within traditional companies has been the aim of many crypto proponents with some examples leading the way. Recent reports show that customers of Square bought $52 million worth of Bitcoin [BTC] on the Cash App in the fourth quarter of 2018.
Research further shows that Bitcoin sales were over $166 million on the popular Cash App in 2018, with the growth becoming apparent during every quarter of last year. The data was put up by Kevin Rooke on Twitter, who went on to answer questions about the information. NeutronYoda, a Twitter user asked:
“Can this be tracked? In real time?”
To which, Rooke replied:
“I don’t believe so. This data is from their past 4 earnings reports.”
The Jack Dorsey-led Square has always had a foot in the cryptosphere with Dorsey himself being a Bitcoin proponent. The Twitter CEO had given his view on the world’s largest cryptocurrency alongside Joe Rogan. The comments were made in the wake of Square’s Cash App listing Bitcoin, with Dorsey saying:
“I believe the internet will have a native currency and I don’t know if it will be Bitcoin but, I think it will be Bitcoin.”
He even suggested that he backed Bitcoin as he believed in its foundation and principle and trusted a digital currency that had been developed on the internet itself. Cash App’s latest success has not come without its own share of criticism, with Cobra, the co-owner of Bitcoin.org and Bitcointalk.org taking on Jack Dorsey directly. Cobra had tweeted:
“No. Twitter banned my account for “suspicious activity”, and removed everything from my following list. Word of caution for everyone riding @Jack’s dick, the same de-platforming tools will be applied to @CashApp eventually; loss of your money or suspension based on arbitrary BS.”
Cobra’s thread was mostly focused on the fact that Twitter and Cash App will go against the concept of decentralization and actually monitor each and every aspect of transactions or information exchange. He also tweeted the reason why his account was banned, which stated:
“I tweeted about BITMAIN, and boom, my account was locked. No idea what made them think I was doing anything suspicious.”
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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.