{"id":380609,"date":"2019-05-02T20:00:19","date_gmt":"2019-05-02T20:00:19","guid":{"rendered":"https:\/\/ktsl888.com\/?p=380609"},"modified":"2024-06-11T07:40:03","modified_gmt":"2024-06-11T07:40:03","slug":"square-cash-app-bitcoin-supply","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/square-cash-app-bitcoin-supply\/","title":{"rendered":"Square Cash App \u201cAbsorbing\u201d 10% of Bitcoin Supply Daily, 200% Projected By 2020"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">One of the most interesting and advantageous design aspects that pseudonymous creator <a href=\"https:\/\/ktsl888.com\/2019\/03\/18\/satoshi-nakamoto-may-have-considered-a-bitcoin-kill-switch\/\">Satoshi Nakamoto built into Bitcoin<\/a>, was the \u201chalving\u201d \u2013 a pre-programmed point in time in which miners receive a reduced block reward of BTC for confirming transactions on the network. Each halving event has been preceded by a major price surge in anticipation of the asset&#8217;s balance of supply and demand being thrown off. Some economists even believe that it\u2019s the reason why <a href=\"https:\/\/ktsl888.com\/2019\/03\/26\/economist-bitcoin-fastest-highest-asset\/\">Bitcoin is the fastest rising valued asset of all-time<\/a>.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">A new earnings report from payments processing app <a href=\"\/tag\/square-cash\" rel=\"nofollow\">Square Cash<\/a>, which rolled out <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> buying to their uses at the end of 2017 and into the start of 2018, suggests that the company is now responsible for \u201cabsorbing\u201d as much as 10% of the current BTC supply mined each day. Furthermore, the growth trajectory of the company\u2019s Bitcoin sales could bring the app\u2019s impact on the BTC supply to new heights, responsible for users buying double the daily supply mined of Bitcoin by the next halving, or 200%.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Square Cash Takes 10% of Mined BTC Supply, On Track for 200% By Next Halving<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\"><a href=\"\/tag\/jack-dorsey\" rel=\"nofollow\">Jack Dorsey<\/a>, founder of the social media platform <a href=\"https:\/\/twitter.com\/newsbtc\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Twitter<\/a> and Square, Inc. \u2013 the payments processing company behind the cash app \u2013 is among Bitcoin\u2019s biggest bulls. The entrepreneur believes that the first every cryptocurrency has a strong chance of becoming the world\u2019s global currency for the internet, and is doing all he can to support the leading crypto by market cap on its journey toward realizing its full potential.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/2019\/03\/26\/economist-bitcoin-fastest-highest-asset\/\">Economist: Bitcoin Is The Fastest And Highest Rising Value Asset Ever<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">The Bitcoin supporter launched sales of the digital asset to users of the Square Cash app at the close of 2017, and further rolled it out to more users at the start of 2018. Since then, the app has grown Bitcoin-related revenues month-over-month, and is now responsible for \u201cabsorbing\u201d 10% of the daily BTC supply mined by miners across the globe.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">It looks like <a href=\"https:\/\/twitter.com\/Square?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@Square<\/a> is now absorbing more than 10% of all BTC mining supply on a daily basis. That is damn impressive, and shows how much people  <a href=\"https:\/\/twitter.com\/hashtag\/stackingsats?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#stackingsats<\/a> can add up! <a href=\"https:\/\/t.co\/yoy2GROJnN\" rel=\"nofollow\">https:\/\/t.co\/yoy2GROJnN<\/a><\/p>\n<p>&mdash; Ben Davenport (@bendavenport) <a href=\"https:\/\/twitter.com\/bendavenport\/status\/11572480?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 1, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Square Cash Impacting Supply: Is This Jack Dorsey\u2019s Plan to Help Bitcoin Succeed?<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">With one single app offering Bitcoin as an afterthought having such an impact on the BTC supply, it highlights the scarcity of the digital asset and gives a glimpse into what the next halving could mean for that supply and its balance with demand. Each halving diminishes the BTC supply by 50%, which would automatically bring Square Cash\u2019s impact on the BTC supply to 20% without any further growth.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">If BTC sales on Square Cash maintain current growth rates, then by the next Bitcoin halving (May 2020), roughly 2 BTC will be purchased on Square Cash for every new BTC that is mined. <a href=\"https:\/\/t.co\/GPxXhaGK15\" rel=\"nofollow\">pic.twitter.com\/GPxXhaGK15<\/a><\/p>\n<p>&mdash; Yassine Elmandjra (@yassineARK) <a href=\"https:\/\/twitter.com\/yassineARK\/status\/81705986?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 1, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">But Square Cash shows no signs of slowing its growth, and Bitcoin awareness has only increased since the hype bubble in 2017 popped. If Square Cash maintains its current growth trajectory of Bitcoin sales, the app is set to syphon as much as 200% of the Bitcoin supply generated by miners each day by the next halving, which is currently scheduled for May 2020.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/2018\/05\/16\/jack-dorsey-wants-to-help-g\">Jack Dorsey Wants to Help Get Bitcoin Adopted as a Global Means of Payment<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">With double the <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> being sold to <a href=\"\/tag\/square-cash\" rel=\"nofollow\">Square Cash<\/a> app users alone than is unlocked by Bitcoin miners, the demand of Bitcoin will begin to greatly outweigh supply, and cause the value of the asset to set new all-time highs.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of the most interesting and advantageous design aspects that pseudonymous creator Satoshi Nakamoto built into Bitcoin, was the \u201chalving\u201d \u2013 a pre-programmed point in time in which miners receive a reduced block reward of BTC for confirming transactions on the network. Each halving event has been preceded by a major price surge in anticipation of the asset&#8217;s balance of supply and demand being thrown off. Some economists even believe that it\u2019s the reason why Bitcoin is the fastest rising valued asset of all-time. A new earnings report from payments processing app Square Cash, which rolled out Bitcoin buying to their uses at the end of 2017 and into the start of 2018, suggests that the company is now responsible for \u201cabsorbing\u201d as much as 10% of the current BTC supply mined each day. Furthermore, the growth trajectory of the company\u2019s Bitcoin sales could bring the app\u2019s impact on the BTC supply to new heights, responsible for users buying double the daily supply mined of Bitcoin by the next halving, or 200%. Square Cash Takes 10% of Mined BTC Supply, On Track for 200% By Next Halving Jack Dorsey, founder of the social media platform Twitter and Square, Inc. \u2013 the payments processing company behind the cash app \u2013 is among Bitcoin\u2019s biggest bulls. The entrepreneur believes that the first every cryptocurrency has a strong chance of becoming the world\u2019s global currency for the internet, and is doing all he can to support the leading crypto by market cap on its journey toward realizing its full potential. Related Reading | Economist: Bitcoin Is The Fastest And Highest Rising Value Asset Ever The Bitcoin supporter launched sales of the digital asset to users of the Square Cash app at the close of 2017, and further rolled it out to more users at the start of 2018. Since then, the app has grown Bitcoin-related revenues month-over-month, and is now responsible for \u201cabsorbing\u201d 10% of the daily BTC supply mined by miners across the globe. It looks like @Square is now absorbing more than 10% of all BTC mining supply on a daily basis. That is damn impressive, and shows how much people #stackingsats can add up! https:\/\/t.co\/yoy2GROJnN &mdash; Ben Davenport (@bendavenport) May 1, 2019 Square Cash Impacting Supply: Is This Jack Dorsey\u2019s Plan to Help Bitcoin Succeed? With one single app offering Bitcoin as an afterthought having such an impact on the BTC supply, it highlights the scarcity of the digital asset and gives a glimpse into what the next halving could mean for that supply and its balance with demand. Each halving diminishes the BTC supply by 50%, which would automatically bring Square Cash\u2019s impact on the BTC supply to 20% without any further growth. If BTC sales on Square Cash maintain current growth rates, then by the next Bitcoin halving (May 2020), roughly 2 BTC will be purchased on Square Cash for every new BTC that is mined. pic.twitter.com\/GPxXhaGK15 &mdash; Yassine Elmandjra (@yassineARK) May 1, 2019 But Square Cash shows no signs of slowing its growth, and Bitcoin awareness has only increased since the hype bubble in 2017 popped. If Square Cash maintains its current growth trajectory of Bitcoin sales, the app is set to syphon as much as 200% of the Bitcoin supply generated by miners each day by the next halving, which is currently scheduled for May 2020. Related Reading | Jack Dorsey Wants to Help Get Bitcoin Adopted as a Global Means of Payment With double the Bitcoin being sold to Square Cash app users alone than is unlocked by Bitcoin miners, the demand of Bitcoin will begin to greatly outweigh supply, and cause the value of the asset to set new all-time highs.<\/p>\n","protected":false},"author":517,"featured_media":380612,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,37773,13179,11638,4257],"class_list":["post-380609","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btc-supply","tag-jack-dorsey","tag-square-cash","tag-twitter"],"acf":[],"yoast_head":"\n<title>Square Cash App \u201cAbsorbing\u201d 10% of Bitcoin Supply Daily, 200% Projected By 2020<\/title>\n<meta name=\"description\" content=\"An earnings report from Square Cash suggests that the company is now \u201cabsorbing\u201d as much as 10% of the current Bitcoin supply mined each day.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ktsl888.com\/news\/square-cash-app-bitcoin-supply\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Square Cash App \u201cAbsorbing\u201d 10% of Bitcoin Supply Daily, 200% Projected By 2020\" \/>\n<meta property=\"og:description\" content=\"An earnings report from Square Cash suggests that the company is now \u201cabsorbing\u201d as much as 10% of the current Bitcoin supply mined each day.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ktsl888.com\/news\/square-cash-app-bitcoin-supply\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-02T20:00:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T07:40:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/05\/square-cash-bitcoin-price-mining-btc-supply-shutterstock_670198525.jpg?resize=860,573\" \/>\n\t<meta property=\"og:image:width\" content=\"860\" \/>\n\t<meta property=\"og:image:height\" content=\"573\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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