Square’s Cash App Launches Automatic Bitcoin (BTC) Purchases

May 19, 2020

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Square’s Cash App has now enabled a new feature that allows users to make automatic and recurring Bitcoin (BTC) purchases.

A user can set the app to make BTC buys on a regular schedule. Square CEO Jack Dorsey says users also have the option to view the value of their crypto assets in sats (satoshis), the smallest unit of Bitcoin.

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

The launch of automatic Bitcoin purchase comes after the financial services firm reported generating $306 million in revenue from the sale of BTC on its Cash App in the first quarter of 2020. The number marks a significant increase from the $178 million in Bitcoin revenue the company generated through the app in the third quarter of 2019.

Square attributes the increase to a surge in investor demand as the king coin dipped following the crypto crash in March.

Dorsey is also the CEO of Twitter, and continues to tap on his influence to promote Bitcoin on the platform. Last week, he urged users to include Bitcoin in the topics they follow on social media.

Lots more topics to follow now including COVID-19, #bitcoin, local news, and astrology. pic.twitter.com/cd1A7BmMrk

— jack (@jack) May 11, 2020

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Featured Image: Shutterstock/Cryptographer