A mobile subsidiary of Jack Dorsey’s payments company Square, Cash App, now lets users make automatic recurring purchases of bitcoin. Twitter and Square CEO tweeted that users can now make automatic recurring purchases of bitcoin on the Cash App. The users can make electronic purchases of bitcoin at regular intervals, such as daily, weekly, or fortnightly. The minimum amount to purchase bitcoin is $10. The new feature allows users to gain exposure to bitcoin gradually without exposing themselves to too much volatility risk.
“Cash App was launched to facilitate app-to-app payments in fiat.”
Cash App was launched to facilitate app-to-app payments in fiat currencies. The company rolled out bitcoin trading in the summer of 2019. And allowed users to deposit bitcoin the following June. The company disclosed earlier this year that just under half its total revenue, around $178 million, came from bitcoin purchases in the last quarter of 2019. The Cash App tweeted that by spreading purchases out over time, users may minimize the impact of market swings and volatility.
One thing that stands out in the statement shared by Square CEO is that users now have the option to set up automatic purchases denominated in satoshis, which is 0.00000001 of a bitcoin, is the protocol’s smallest transaction unit.
— jack (@jack) May 18, 2020
Jack Dorsey believes bitcoin has a great future.
Twitter CEO Jack Dorsey has always been an open advocate of the leading cryptocurrency. He earlier announced his plans to go to Africa and explore bitcoin opportunities in the continent. Square CEO believes that bitcoin has a great future in Africa as it solves many of their problems. The denomination in satoshi indicates a gradual trend for traders and investors to resort to a smaller unit of account in response to the Bitcoin protocol itself increasing in both size and value. Even though it isn’t the first app to denominate payments in satoshis, it is the most high-profile payment app to do it so far.