Square Cash app now lets you set up recurring Bitcoin buys

Square Cash app now lets you set up recurring Bitcoin buys
Written by:
Ali Raza
May 19, 2020
  • Twitter's Jack Dorsey recently revealed new functionalities for the Square Cash app.
  • He announced the ability to set up recurring Bitcoin purchases, thus opening the door towards DCA.
  • Dorsey once said that Bitcoin would be the only crypto he would include in Square's app.

Twitter and Square CEO, Jack Dorsey, once again demonstrated his appreciation of the crypto industry. Recently, he showed some new functionalities introduced to Square’s Square Cash application.

Dorsey demonstrates support for BTC once again

The popular app allowed users to buy BTC for quite some time. Not only that, but the users themselves appreciated this functionality. However, it now also allows users to make recurring Bitcoin purchases, which can be set up to take place after a certain period. The buys can take place daily, weekly, or every other week, depending on the users’ desires. Not only that, but the users can also see the value of their funds in smaller units of Bitcoin — the so-called satoshis.

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Dorsey made his announcement on Twitter, stating that they can now do automatic recurring purchases of Bitcoin in Cash App.

Jack Dorsey’s interest in Bitcoin became quite obvious in the last several years. However, one interesting detail is that he seems to only be interested in BTC, without much regard for the rest of the crypto industry.

He also once revealed that he would only ever consider Bitcoin for use on his Square Cash app. His reasons for this are simple — he expects Bitcoin to become the native currency of the entire internet, and he is doing its best to help it.

The new functionality will let investors reduce risks

The new Square functionalities came after the company posted a job advertisement in December 2019. Back then, it was noticed that the firm seeks developers that can implement new functionalities to the app. As examples, the ad mentioned auto-invest and limit-orders. However, nobody realized that this will include Bitcoin and satoshis.

It also remains unknown when exactly did Square implement the new functions. One video on YouTube, posted on May 8th, shows a user who managed to set up recurring purchases.

However, no one else seemed to have had access to the new functionalities, otherwise, they would have likely noticed them before Dorsey’s announcement.

The new functionality will be beneficial for Bitcoin investors, as it opens the way to DCA, or Dollar-Cost Averaging. This is a method of reducing risks when investing in risky and volatile assets by investing small amounts over time, instead of making a single large investment.