Square's Cash App now allows automatic bitcoin purchases

Bitcoin • May 19, 2020, 6:15AM EDT
UPDATED: May 19, 2020, 6:18AM EDT
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Square's Cash App now allows users to schedule automatic bitcoin purchases at set time intervals - daily, weekly, or bi-weekly.

The new feature, dubbed “Auto Invest,” follows the system of dollar-cost averaging, i.e., buying an asset in small amounts regularly, regardless of its price.

“You don’t need perfect timing if you’re thinking long-term...By spreading purchases out, you can minimize the impact of market swings,” said Cash App.

The app supports both bitcoin and stocks for Auto Invest, and the minimum recurring buying limit is $10.

Cash App now also displays units in satoshis (sats) instead of just bitcoin (BTC) for easier navigation with smaller amounts.

Source: Twitter

The Auto Invest feature comes as Cash App’s bitcoin sales continue to grow. In the first quarter of 2020, the app generated $306 million in bitcoin revenue and $7 million in gross profit.

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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