3 Bullish Signs That Overall Demand for Bitcoin Is Skyrocketing

Bitcoin is seeing a surge in interest this summer, as consumer awareness is reflected in unique network entities hitting more than two-year highs.

More unique entities are joining the Bitcoin network as activity increasingly resembles the bull run to all-time highs in 2017.

Overall growth in activity comes as price action flips bullish above $10,000, with five figures holding as support for the first time since 2019.Bitcoin new entities 7-day moving average chart.

Square shows "Unbelievable" Bitcoin demand.

Payment company Square hit almost $1 billion in Bitcoin revenues in Q2 - and it's proof of a bull market, a famous commentator says.

The figure beats Q1, which totaled $306 million, by almost 200%. Compared to Q1 2018, when Square first began to support Bitcoin, the figure is 600% higher.

"Bitcoin revenue and gross profit benefited from an increase in bitcoin activities and growth in customer demand," the company commented in the letter.

For analyst Kevin Rooke, the results were "Unbelievable," coming after months of economic instability worldwide and a dramatic squeeze in incomes for many earners due to COVID-19.Square quarterly Bitcoin revenue.

Square was already well known for its presence in the Bitcoin space.

Together with investment giant Grayscale, Twitter's sister company is responsible for buying up the lion's share of new BTC. In May, Square began targeting long-term Bitcoin investment strategies by releasing dollar-cost averaging functionality for users.