When companies venture into the crypto space, there is never a guarantee for success. Square was initially ridiculed for letting its users buy Bitcoin through the mobile app. According to its most recent report, this decision continues to pay off in spades every single quarter.
Square Bitcoin Growth Continues
It is remarkable to note how the demand for Bticoin keeps evolving. It is still a rather volatile asset to invest in, after all, Wild prices wings can yield major profit, but also incur steep losses. More importantly, the market has been in a subdued state since early 2018. Known as “crypto winter”, it took nearly two full years to see any new signs of life in the markets.
According to Square, the company has been very successful in 2020. While Q1 2020 yielded roughly $300 million in Bitcoin sales, Q2 really took off. Total sales peaked above $875 million, which is a very steep jump in volume. It is a near 300% increase compared to the first three months of the year.
Demand for Bitcoin has not slowed down, by the look of things. Instead, these uncertain financial times are forcing people to rethink their options. Sitting on fiat currency is not a smart option. The money in one’s wallet and bank account declines in purchasing power every single day. Diversification is key when uncertainty looms ahead.
Following this growth for Square, expectations will be higher than ever before. If Q3 doesn’t at least rival Q2 in volume, shareholders won’t be happy. Moreover, if the volume decreases again, Bitcoin’s reputation will take another hit.
Given the recent Bitcoin price momentum, a decline in demand seems unlikely. Reaching a new all-time high price is still possible in 2020. Financial repercussions due to corona have yet to become fully apparent. Central banks printed trillions in helicopter money, which will erode domestic economies even further.
Buying the Dip is Crucial
If there is one lesson to be learned, it is how a Bitcoin dip is a golden opportunity. Being able to buy BTC at a low price – $3,400 a few months ago – should not be passed up on. Those who bought that dip now note a profit of over $7,500 by doing absolutely nothing. Such opportunities cannot be found in any traditional market.
Additionally, not everyone needs to buy a full Bitcoin. Acquiring smaller amounts of Bitcoin – through Square or otherwise – on a recurring basis is an equally viable strategy. Slowly building up a portfolio can lead to profits and potential riches down the line.
Multiple platforms allow for cost-averaging Bitcoin or setting up recurring purchases. It is a decision that no one will regret, assuming they approach it as a long-term investment.