One of the most interesting and advantageous design aspects that pseudonymous creator Satoshi Nakamoto built into Bitcoin, was the “halving” – a pre-programmed point in time in which miners receive a reduced block reward of BTC for confirming transactions on the network. Each halving event has been preceded by a major price surge in anticipation of the asset’s balance of supply and demand being thrown off. Some economists even believe that it’s the reason why Bitcoin is the fastest rising valued asset of all-time.
A new earnings report from payments processing app Square Cash, which rolled out Bitcoin buying to their uses at the end of 2017 and into the start of 2018, suggests that the company is now responsible for “absorbing” as much as 10% of the current BTC supply mined each day. Furthermore, the growth trajectory of the company’s Bitcoin sales could bring the app’s impact on the BTC supply to new heights, responsible for users buying double the daily supply mined of Bitcoin by the next halving, or 200%.