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 

pic.twitter.com/cOIUpxG4Qi
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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 

pic.twitter.com/cOIUpxG4Qi
Basically just saying they don’t book what’s in effect GTV not revenue
Yep. From Square’s perspective Cash App customers can access BTC like a bank customer can access physical currency from an ATM. If bank somehow recorded $100 withdrawn as $100 in revenue (“We sold you paper for $100 of your deposits. COGS for paper: $100.”) that would be silly.
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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