CashApp Reports $7.1 Billion Worth Of Bitcoin Purchases In 12 Months

The cryptocurrency world continues to undergo rapid change. The latest example of this is the exchange and money transfer applications that have emerged following the bankruptcy of FTX. However, it seems that these applications have not yet reached the volume that can fill the money gap that was created in the past. Nevertheless, there continues to be good news. Finally, CashApp announced its numbers. 

CashApp Reports: Purchased For $7.1 Billion

By 2022, CashApp customers will have bought $7.1 billion worth of bitcoin. So what exactly does CashApp do and how is it used? Basically, what makes this application stand out is that it was developed to solve some money transfer and money demand problems.

The focus is on fast money transfer or providing transaction fees by people who do not know each other. The fact that this application works only through cell phone is another plus point. 

Continued Growth

In the fourth quarter, sales of the blockchain company’s CashApp software fell 25 percent. Bitcoin revenue was $7.11 billion in 2022, while the reported amount was $35 million. Founded by bitcoin maximalist Jack Dorsey, who stepped down from the post of Twitter CEO to focus on bitcoin development, Block announced its fourth quarter 2022 figures.

CashApp: Revenue Approached $200 Million

The value of Bitcoins sold to consumers through Block’s CashApp payment software was $1.83 billion in the fourth quarter, compared to $7.11 billion for the full year. The company generated $156 million in gross profit from bitcoin sales in 2022. The value of bitcoins purchased through CashApp was 29 percent lower than the same period last year due to falling cryptocurrency prices.

Still, Block made a total profit of $1.6 billion. This figure was 40 percent higher than the previous year.

CashApp Reports .1 Billion Worth Of Bitcoin Purchases In 12 Months

There Are Also Very High Bitcoin Losses

Jack Dorsey’s company is known for its bitcoin investments. In the fourth quarter, the company recorded a loss of $9 million due to the falling bitcoin price. The annual deficit reached $47 million. “As of December 31, the market value of bitcoins held by the company was $133 million,” the statement reads. Therefore, it is certain that the company will make new breakthroughs to recover in the medium and long term. While there is no clear comment on this issue at the moment, it would not be wrong to say that this is extremely logical when we evaluate the prominent options on the bitcoin and other cryptocurrency markets. 

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Pieter Aven

Pieter Aven is a business and financial journalist based in Boston covering stories at the intersection of business, technology and finance. He holds a degree in Germanic languages from the University of Brussels and a degree in journalism from Boston University.

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