Hey ninjas, how’s the trading going? On the day the majority of the top 20 cryptocurrencies are reporting moderate losses. The largest cryptocurrency Bitcoin is trading at $9,186, Ethereum is trading at $186 and XRP is trading at $0.29 at press time.
Cash App, formerly known as Square cash is a mobile payment application created by Square Inc, to allow its users to transfer money.
In the third quarter of 2019, Cash App reported $148 million in BTC revenue. Cash App has been buying 8% of new Bitcoin per quarter and if this continues after the halving of Bitcoin the companies buying rate will account for 16% of new Bitcoin produced.
A Twitter account named Rhythm posted a Tweet on the 7th of November that the percentage of Bitcoin being purchased by cash App will be doubled in the next 6 months.