Sqaure merchants embrace Bitcoin with Cash App’s new feature

Block, the fintech company founded by Jack Dorsey, has introduced a new feature that allows Square merchants to allocate a portion of their daily sales to Bitcoin. This feature, available to qualified merchants in the U.S., allows them to allocate between 1% and 10% of their sales to Bitcoin. The fiat funds collected throughout the day are converted to Bitcoin at the end of the day and deposited into the user’s Cash App account. Merchants will need to pay a 1% fee on each conversion.

Square believes that this move will empower small businesses and individual proprietors by enabling them to participate in the global financial economy. By allowing merchants to allocate a portion of their sales to Bitcoin, Block aims to provide a way for business owners to diversify their holdings and engage in a global monetary system.

The decision to introduce this feature comes shortly after Block expressed its interest in developing a full-scale Bitcoin mining solution. This move indicates Block’s commitment to the Bitcoin ecosystem. In fact, Block has already developed a proprietary three-nanometer chip specifically for mining Bitcoin.

Block’s interest in Bitcoin mining is likely fueled by its exceptional Bitcoin profits in the fourth quarter of 2023. Cash App alone generated $66 million in Bitcoin gross profits, marking a 90% increase compared to the previous year. The expansion into Bitcoin services aligns with Dorsey’s vision for Cash App to become one of the top providers of banking services for households in the United States earning up to $150,000 per year. Dorsey aims to position Cash App as a comprehensive solution for financial services.

By integrating the Bitcoin allocation feature and expressing interest in Bitcoin mining, Block is taking significant steps to establish itself as a major player in the world of cryptocurrencies. Block believes that Bitcoin is an instrument of economic empowerment and provides various use cases, including long-term savings and diversifying business holdings. With their recent developments, Block aims to provide accessible and innovative financial solutions to small businesses and individuals alike.

5 thoughts on “Sqaure merchants embrace Bitcoin with Cash App’s new feature

  1. This move by Block is simply a distraction from their real purpose. They need to prioritize providing reliable financial services instead of chasing after cryptocurrency trends.

  2. Jack Dorsey should focus on his main company, Twitter, instead of getting involved in Bitcoin and other ventures. Stick to what you know best!

  3. This move just screams desperation. Block is trying to stay relevant in the cryptocurrency market, but this feature is nothing but a gimmick.

  4. Who needs a comprehensive solution for financial services when there are already established and trusted banking institutions out there? Cash App will never be a top provider.

  5. I would never trust a fintech company like Block with my money. There are too many risks involved, especially when it comes to cryptocurrency.

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