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Since introducing bitcoin on the Cash app, more than 10 million accounts have bought some of the original cryptocurrency, according to the Q1 shareholder letter from Block, Inc (the company most people probably still think of as Square), released Thursday.
Why it matters: 10 million people is a lot of people. That level of usage suggests that there really is demand for bitcoin from people who don't want to mess with weird wallets and keeping track of private keys.
Yes, but: Demand for the original cryptocurrency has flagged, somewhat. Bitcoin revenue was down 51% year over year, to $1.73 billion in the first quarter of 2022. Block made $43 million in profit off that revenue in Q1.
Details: This quarterly report highlighted some of Cash app's new bitcoin features:
In the weeds: Bitcoin is always such a giant part of Cash app's revenue that it always has to give gross revenue numbers in total, and then excluding Bitcoin.
Bottomline: Cash app's gross profit was $624 million in Q1, better than all four prior quarters. All together, Block, Inc. earned $1.29 billion.
