One of the most interesting and advantageous design aspects that pseudonymous creator Satoshi Nakamoto built into Bitcoin, was the “halving” – 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’s balance of supply and demand being thrown off. Some economists even believe that it’s 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 “absorbing” as much as 10% of the current BTC supply mined each day. Furthermore, the growth trajectory of the company’s Bitcoin sales could bring the app’s 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. – the payments processing company behind the cash app – is among Bitcoin’s biggest bulls. The entrepreneur believes that the first every cryptocurrency has a strong chance of becoming the world’s 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.
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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 “absorbing” 10% of the daily BTC supply mined by miners across the globe.