A San Francisco-based financial services, merchant services aggregator, and mobile payment company, Square, Inc. witnessed a $306 million profit from Bitcoin in Q1 2020 in contrast to $65 million in the first quarter of 2019. 

Per the reports, Jack Dorsey's Square sees $528 million in revenue in the first quarter of 2020. This counts over 8% profit year over year. While Bitcoin halving edging closer, the value of Bitcoin stands at $9K figure at the moment. As per the data provided by Coinmarketcap, Bitcoin, the world’s largest cryptocurrency in terms of market capitalization is currently trading at $9288 against USD. However, Square reported that the $7 million of the company’s gross profit accounts from the bitcoin and the sale of which has reached new highs. This is because the firm had earned $8 million in bitcoin profit back in 2019. 

In its earnings release to investors on Wednesday, the firm reported that the profit volumes were up 72% quarter-over-quarter and 367% year-over-year. Despite the work for most of the companies held up due to uncertain conditions resulted from COVID-19, Square said, April was a busy month for Cash App. 

“In the first quarter, Cash App gross profit grew 115% year over year,” the shareholder letter reads, continuing; 

"In April, Cash App delivered strong revenue and gross profit growth year over year, and achieved its highest monthly totals for net-new transacting active customers, peer-to-peer volumes, Cash Card spend, Cash Card orders, direct deposit transacting active customers, bitcoin volumes, stock brokerage volumes, and stored funds.” 

Considering the ongoing COVID-19 crises, Square CEO and the bitcoin proponent Jack Dorsey elaborated some of the ways where the firm has found the opportunity in crises. He said that “the direct deposits into Cash App” was one of the features that helped firm tops bitcoin revenue for the first time in Q1. Direct deposit feature enabled users to purchase bitcoin directly and via peer-to-peer option. 

We have reached a very mainstream influencer audience…ecause of the simplicity, because of how we handled the stimulus check and because of everything you can do within the app including buying stocks and bitcoin and Cash Card, we think we'll benefit and draft off a lot of trusts, a lot of love, for what it offers and what it can do. And word of mouth is definitely our friend here, explained Dorsey. 

To precise, the filing with the US SEC (Securities and Exchange Commission) noted that the increase in bitcoin profit was due to the steep rise in the number of active bitcoin consumers and consumer demand. 

Bitcoin revenue for the three months ended March 31, 2020, increased by $240.6 million or 367%, compared to the three months ended March 31, 2019, added Square. 

Beside Square, some of the leading crypto exchange in India has been witnessing new signups and registrations on their trading platform during these crises. More so, according to Nischal Shetty, CEO of cryptocurrency exchange WazirX said more and more people are interested to spend their time under lockdown in learning and understanding about cryptocurrency and their use cases.