Reading Square's 2019 investor letter, found this side note where they explained ”Why deducting bitcoin revenue better reflects the economic benefits" a bit confusing
anybody familiar with this cares to elaborate 

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The specific effect of the silliness is that it greatly inflates revenues and makes them unpredictably linked to the motion of the Bitcoin market, which is not volatility Square wants in their business, so they tell investors “GAAP-wise we have to report this but ignore it.”
@patio11 related question, but why is Cash app able to generate 120 million of profits in q3 while Venmo is still struggling to reach profitability despite having 400 million revenue/yr? They mainly monetize through the same methods right?pic.twitter.com/EzP2yDASzZ
should have DM you on this Patrick! given the recent fee structure change (as in separated the fee from the purchase volume) in the future earnings, it should be able to log those fees as revenue?https://cash.app/help/us/en-us/3103-bitcoin-fees …
Their treatment for accounting purposes probably will not change. Their treatment for management’s guidance probably will not change, because they do not want to tell their investors they are in the business of selling Bitcoin, because that is a worse business than Cash App.
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