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Square Unveils Automatic Recurring Bitcoin Purchases For Cash App

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Jack Dorsey, the CEO of Twitter and Square, gave a tweet on Monday. This tweet revealed that the Cash App users will now be capable of using an automatic recurring feature within the platform that will buy Bitcoin for you. According to Dorsey’s tweet, users will be capable of setting the frequency of which they buy Bitcoin. This can be set to a bi-weekly, weekly, or even daily schedule, with a minimum purchase amount of $10 across all three levels.

Hodling On The Rise

Another feature that is allowed to the Cash App users, is to change the display of their holdings from BTC to Satoshis, or sats. It should be noted that 100 million sats are needed to make one BTC.

The new feature for the Cash App comes at just the right time. In recent times, there has been a steady increase in the “hodling” of Bitcoin. In recent times, there’s been a rise in the number of addresses that hold a minimum of 0.1 BTC. However, the trend has gone big, with whale wallets and so-called “Wholecoiners” being involved, as well.

Bitcoin Turning Stable In Chaos

It’s a well-known fact that Dorsey himself buys Bitcoin on a very consistent basis. Early in May, the CEO of Twitter had confirmed the suspicion that he was continually maxing out his weekly purchases of BTC through the Cash App. The Cash App itself puts a limit of weekly purchases of Bitcoin, doing so at the $10,000 mark.

Amid the chaos that is the COVID-19 pandemic, the price of BTC tumbled down to a low it hasn’t seen in years. Now, however, as the panic subsided and proper thinking started to happen, things seem quite different for Bitcoin. Amid the world governments’ strategy of printing money, Bitcoin’s halving event lessened the supply dramatically.

This, as a result, has made Bitcoin Profit a testament to a reliable, scarce resource in an era where the validity of currencies is put into question after rampant oversupplying. Even Elon Musk, the recently controversial figure, has recently spoken of how Bitcoin stands as a stable currency in these trying times.

Strange Times, Indeed

As a testament to this, Square has had a bloodied exchange with Q1 2020. While Square’s stock itself went into red during that time, its Bitcoin purchases have smashed through the roof. The Cash App has recorded $306 million in sales of Bitcoin within Q1 2020. With such high demand in a currency that can seem stable in these trying times, it’s no wonder that Square’s Cash App had a recurring purchase feature added into it.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.