Square’s Cash App Now Making Their Bitcoin Play

Those consumers who utilize Square's Cash app learned by surprise that Bitcoin is now an option within their app’s capabilities. As a major competitor to Venmo, Square’s Cash app is primarily used for payments between friends. Now, the app has also given their consumers the option to buy or sell Bitcoin. 

A Square spokesperson said in a statement, “We’re always listening to our customers and we’ve found that they are interested in using the Cash App to buy Bitcoin. We're exploring how Square can make this experience faster and easier, and have rolled out this feature to a small number of Cash App customers. We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system and we're excited to learn more here.”

Game Changer For Entire Industry

As the CMO of e-Chat, I know that this will change how our app will grow. Already, global investors are seeing the potential in our company as major players, such as Square, make moves towards cryptocurrencies. 

Mad Cramer Believes This Is A "Big" Boost For Cryptocurrency

CNBC’s The Mad Dash Cramer stated that Square's bitcoin play is “big” and will make “people feel better” about the cryptocurrency. Their willingness to test bitcoin on its app is "big" and could potentially drive the stock even higher, CNBC's Jim Cramer believes.

For now, the app only allows these users to buy, sell and hold Bitcoins, but not to make payments to friends with the cryptocurrency, which is the app's primary function with dollars.

Bitcoin is the original cryptocurrency and has soared in value this year to seven times what it was worth on January 1, 2017. It also has the highest market capitalization ($113 billion) out of the thousands of other crypto assets that exist today.

Its value is potentially positioned to increase further, as Bitcoin futures launch soon, bringing more institutional money into the market.