In a minor (but important) milestone, bitcoin’s usage as a means of payment just became more “real” now that Square’s Cash App has become the most popular app on US Google Play Store. OK, it’s only in the finance category BUT it replaced none other than PayPal to achieve that goal. Slowly but steadily, Cash App has been gaining acceptance from millenials in advancing the use of bitcoin in buying and selling services which, in theory, will grow into more basic (clothes, food, etc) goods. Or, one small step for Cash App, a giant leap for bitcoin. Could bitcoin actually become the currency of the internet? More below.
Bill Taylor/Fintek Capital
“Square’s Cash App has achieved a key milestone on the road to mainstreaming bitcoin usage by becoming the most popular app in the finance category on the U.S. Google Play Store ahead of PayPal. The app, which has spent much of the past year gaining tremendous amounts of ground within the millennial market segment is now America’s most downloaded finance app on Google Play.
Earlier in August, CCN reported that Cash App overtook Venmo to go into second place on the ranking behind PayPal, with a steady growth rate of 154 percent. In the same month the company announced that it had enabled bitcoin buying and selling services for users in all 50 U.S. states.
Square Growth Driven by Bitcoin
2018 has seen Square record some impressive growth, revenue and profit numbers driven largely by the exploding popularity of bitcoin usage among Cash App users. In August, Square CFO Sarah Friar remarked that the company is “seeing real growth” as a result of the strong performance of Cash App ever since the company enabled bitcoin trading services. At the time, she also revealed that Cash App was at number 15 and rising in the overall top 30 rankings on the App Store…