Bitcoin’s newfound popularity is taking it to new heights. Square – a mobile payments company developed by Jack Dorsey of Twitter fame – has released a new cash app that allows users to instantly purchase bitcoin units.
Square Puts Financial Power in Your Hands
Bitcoin has surged during recent weeks as people have sought new methods of hedging their wealth against inflation and other potential financial issues. There is great fear that the U.S. dollar and fiat in general is weakening following the U.S. government’s decision to release more than $2 trillion back into the American economy in the form of small business relief and stimulus checks to individual citizens.
The move has attracted criticism from some observers like Elon Musk of SpaceX and Tesla, who say that you can’t just print money out of thin air like that. Thus, many have turned to gold and bitcoin as a way of keeping themselves financially stable should fiat ever take a wrong turn.
Now, Square is helping people achieve that goal with its new application. Consumers can set up automated purchases through the app granted they want buys to repeat. People can purchase as much as $10 in bitcoin or as little as 0.00000001 percent of a BTC unit. The buying caps are small, but the power is in the hands of users, just like cryptocurrency initially intended.
Square’s creator Jack Dorsey has always been a big bitcoin and digital currency advocate. Recently, he stated that he would be spending anywhere between three and six months traveling through the continent of Africa to potentially bring bitcoin and its many benefits to the region’s peoples. Now that COVID-19 has become such a global issue, no doubt Dorsey will have to reschedule his plans, though he’s likely to follow through on this goal in the future.
In addition, Dorsey has commented that bitcoin will serve as the world’s primary currency within the next ten years. Users can say goodbye to fiat and other digital assets alike; he’s confident the world will turn to bitcoin as its only means of payment.
At the time of writing, bitcoin is up nearly 90 percent following the introduction of the coronavirus to mainstream society. While bitcoin initially suffered in the beginning, many analysts think the pandemic helped the asset in the end by raising potential BTC awareness.
People Are Buying a Lot More Crypto
Greyscale Investments reports that many people have increased their crypto-buying habits. Managing director Michael Sonnenshein comments:
There is a widely-held belief amongst our investors that bitcoin has solidified its place as digital gold. As things have become increasingly uncertain and we’ve seen levers get pulled by central banks and governments, investors have allocated to bitcoin. When the shelter-in-place began and everything was getting deleveraged, stocks were getting sold, gold getting sold, bitcoin getting sold… Now, bitcoin has rebounded like crazy. That’s bitcoin demonstrating its resilience as an investment.