Square's Cash App Rolls Out New Sat Stacking Feature, Automatic Recurring BTC Purchases

A new feature on Square Cash App will now allow automatic Bitcoin purchases according to a tweet by Square and Twitter CEO, Jack Dorsey. The announcement comes shortly after the Square owned app recorded new highs in BTC trading volume over the course of Q1, 2020.

The tweet further highlights that this automatic recurring BTC purchase will have time and limit options,

Notably, the minimum BTC auto purchase has been set at $10 for every frequency. The maximum limit, on the other hand, could go as high as $10,000 BTC based on the Square Cash App weekly limit. Also, the feature comes with an option to change one's BTC purchasing frequency to suit their prevailing financial position. Finally, users can change their displays from BTC to Satoshi's whereby the former is equivalent to 100 million sats.

Cash App's BTC Streak

As highlighted earlier, Cash App recorded higher revenue from BTC transactions over Q1 compared to other assets. Out of the total $528 million, Bitcoin revenues covered up to $306 million. It is also quite noteworthy that Cash App together with a crypto asset management firm dubbed ‘Greyscale' accounted for over 52% of all BTC mined in a day within Q1 of 2020.

Given this development, it is not surprising that Jack Dorsey is going bullish on Bitcoin. The Square CEO is a consistent BTC buyer; in fact, he recently highlighted that he will continue to max out on his Bitcoin position through Cash App. The application has enjoyed a spike in usage following its direct deposit facility for U.S stimulus checks among other factors.

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Edwin Munyui
Edwin Munyui
Edwin is a FinTech enthusiast with a particular interest in blockchain technology and cryptocurrencies. He has worked as an author in the blockchain space since 2017 and enjoys creating content that both crypto veterans and newbies can understand. His simple writing style and financial market knowledge have made him a reputable fundamental and technical analyst with the ability to handle any topic around blockchain and crypto over the years.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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