Bitcoin’s newfound popularity has received yet another boost. Square, a mobile payments company created by Twitter’s Jack Dorsey, has released a new cash app that allows users to buy Bitcoin units instantly.
Square helps users keep their financial power
Due to the economic implications of the COVID-19 pandemic, interest in Bitcoin has surged recently, with people seeking new methods of hedging against inflation. Additional fears were raised when the US government decided to release more than $2 trillion into the economy, potentially weakening the USD and other fiat currencies. As a result, people have switched to gold and Bitcoin as alternative value assets to try to maintain a certain level of financially security.
Square is certainly hoping to help users achieve this stability. With the new application, users can set up automatic purchases and repeat buys. People may purchase as much as $10 Bitcoin or at least 0.0000000001 percent of a BTC unit. Although these caps may appear to be small, the power of the transaction and the cryptocurrency are in the hands of the buyers.
Jack Dorsey always has been a digital currency advocate. In a recent statement, he claimed that he would spend a period of 3 to 6 months traveling throughout Africa to bring Bitcoin and its benefits to the region’s peoples. However, due to the severe impact of the COVID-19 pandemic, he will most likely have to postpone his plans.
Dorsey also has predicted that within the next ten years, Bitcoin will act as the world's primary currency. He is confident that fiat currencies and other digital assets will become obsolete, leaving Bitcoin as the sole means of payment.
People are buying more cryptocurrencies
A recent report by Greyscale Investments notes that more people have increased buying cryptocurrencies. Managing director Michael Sonnenshein commented that:
“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.”