Square's Cash App Helps Make Bitcoin More Accessible

Square CEO announces support for Bitcoin payments

We told you about the Cash App in November when Bitcoin was trading at about $11,000.

Twitter and Square CEO Jack Dorsey today announced the Cash app would support instant buying and selling of.

Though Cash App, a Venmo competitor, is primarily used to settle small payments between friends, the bitcoin feature is only for buying, selling, and holding the cryptocurrency, which has traded around $10,000 for the last couple of weeks. Long a supporter of Bitcoin, Dorsey's next move with its Cash App, is not that much of a surprise. In fact, at the time of writing, Bitcoin was trading near $11,000. The app isn't adding a fee to purchases, but the sale price will be a mid-market price averaged from different exchanges, and include a spread.

Cash App's main advantage is that it lets its users buy and sell instantly, since the app already has access to cash balances and bank accounts.

The release comes as popular free stock trading app Robinhood just announced they'll soon add free cryptocurrency trading for all users.

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Likewise, Square's announcement also generated positive interest in the company-raising the value of its shares by 4 percent, before closing at a 3 percent increase. The market is set to open sometime this month and has already found huge interest among eager cryptocurrency traders-with more than 1 million people waiting to register.

We believe bitcoin and other crypto sales represent a potential mid/long term growth opportunity for Square and we are positive on the strategy.

Cash App is a peer-to-peer payment system that allows people to pay each other directly and quickly.

The service will not be available for customers in NY state, Georgia, Wyoming and Hawaii, according to Square's website.

Images courtesy of AdobeStock and Robinhood.

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