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,
You can now do automatic recurring purchases of #bitcoin in @CashApp. Daily, weekly, or every 2 weeks. And change the display to sats. #stackingsats pic.twitter.com/kOlxQtkuwd
— jack (@jack) May 18, 2020
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.
