By CCN: Square might have had a mixed first quarter performance, but the Cash App, which is where investors buy and sell bitcoin, was a bright spot. Bitcoin revenue nearly doubled to $65.5 million from $34 million in the year-ago period. Cash App volume, where the company boasts “15 million monthly active users,” expanded more than 100% since last year’s Q1. Square’s bitcoin revenue has been steadily increasing since Q1 2018, during a bear market no less. It’s a reflection of retail investor demand, given the peer-to-peer nature of the Cash App. Square also placed a $10,000 weekly cap for
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