The new feature allows Cash App users to set automatic orders to buy Bitcoin on a daily, weekly or bi-weekly basis.
Square CEO, Jack Dorsey, has announced that Cash App now has a feature that allows users to execute automatic and recurring Bitcoin purchases.
In a tweet posted on Monday, Dorsey (also Twitter’s CEO) noted that Cash App users will be able to decide on the frequency of Bitcoin purchases:
“You can now do automatic recurring purchases of Bitcoin in Cash App. Daily, weekly, or every 2 weeks. And change the display to sats,” he tweeted.
Users can set up a $10 minimum payment to start with, meaning a user could choose to buy $10 of Bitcoin every day, or instead spread the purchase across a week or two weeks and so on.
Square’s Cash App also offers the same feature for setting recurring buy orders of stocks. Cash App notes that scheduling “automatic stock and bitcoin purchases” allows users to spread out their purchases. “Done over time”, the platform says, “automatic recurring purchases will allow users to minimize the impact of market swings.”
Apart from the automatic buys, the new feature also comes with a setting that allows users to choose between displaying their purchases in Bitcoin or Satoshis. With a minimum of $10, users can only currently buy a fraction of a bitcoin
The new feature is only available for US customers for now, but the platform has plans to bring the service to the UK.
Square’s new feature for Cash App users is being unveiled at a time when the number of new people buying Bitcoin is on the rise. As per data on BitInfocharts, the percentage of wallets holding less than one bitcoin is over 96%.
Whale’s wallets have also seen an uptick and there has been recent support given to Bitcoin from Wall Street billionaires, as well the recent third halving adding to bullish sentiment.