Square Rolls Out Bitcoin Deposits For Cash App Users

  • Square is rolling out bitcoin deposits for Cash app users 
  • Price of bitcoin broke $13,000 for the first time in over a year

Payments platform Square is expanding bitcoin features for its popular Cash app.

Bitcoin Deposits For Cash App Users

According to the most recent update, users of the Cash app will be able to make bitcoin deposits. Previously, the application only supported the buying and selling of bitcoin, in addition to the transfer of BTC to external wallet addresses. 

With the update, Jack Dorsey’s Square is doubling down on its commitment to growing through bitcoin. The payment platform, which was named Yahoo Finance’s company of the year in 2018 has been one of the most high-profile supporters of the cryptocurrency and a conduit to mainstream retail investors. 

Cash app users appear to be gaining access to the new feature in waves. As of writing, the ability to deposit bitcoin has not been activated for all clients. However, the feature has been confirmed by CoinDesk and multiple Twitter users. 

Some speculate that Square has been trickling the update to select users, in an effort to test the feature before going live on the platform. With the recent boom in bitcoin price and soon-to-be ensuing FOMO, Square is prepping for an influx of new Cash app users looking to gain access to btc.

Square CEO Jack Dorsey Is A Bitcoin Bull

Square CEO Jack Dorsey, who also co-founded Twitter, is a well-known bitcoin bull and one of the most vocal advocates for cryptocurrency adoption. In February, Dorsey appeared on the Joe Rogan podcast and reiterated his belief that bitcoin will become the sole currency of internet. 

Dorsey said, 

“[Bitcoin] was something that was born on the internet, that was developed on the internet, that was tested on the internet…It is of the internet.”

In addition, Dorsey tweeted earlier in the year that bitcoin is the sole cryptocurrency he owns,

While the Cash app only offers bitcoin at present, the selection of crypto-assets for buying and selling could expand as the feature gains in popularity.

In the meantime, the price of bitcoin has been on a steep incline over the past week, with the price rising from $9000 to over $13,000 as of writing.