Square's Cash App now allows automatic bitcoin purchases

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.

About Author

Yogita is a senior reporter at The Block and covers all things crypto. Before joining The Block, Yogita worked for CoinDesk and The Economic Times. She can be reached at [email protected] Follow her on Twitter @Yogita_Khatri5.