Square Cash is an App that anyone can use to buy Bitcoin. The Jack Dorsey’s innovative outfit has become the top App in the Apple Store in the finance category in the US. This comes at a time when BTC is headed north.
Many crypto goers believe the current market bull-run is poised to make Bitcoin skyrocket. There are all indications that BTC is not about to slip. However, the market is divided with a section of crypto enthusiasts sitting on the fence while others are holding onto the market leader coin.
Square Popularity on the Rise
The financial service provider App has been in the market since the last bull-run and its popularity among crypto user has been on the rise. The App came into the limelight in November 2017 when it added a feature that allowed user to buy and sell BTC. In February, the feature was rolled out to all users in the US and its uptake has not disappointed.
During last year’s bear market, Square has recorded Bitcoin increased sales every other quarter. It is anticipated that with the forthcoming Bitcoin halving, the cash App will be processing 2 BTC for every one mined. This has prompted Misir Mahmudov to tweet:
The number #1 Finance app in the Appstore says it all.
Spend Cash, Buy Bitcoin.
This will be the first bull run when the most established financial business lets you buy bitcoin.
Buckle up. pic.twitter.com/axyea8jefa
— Misir Mahmudov (@misir_mahmudov) 21 мая 2019 г.
Bitcoin growth has propelled the Cash application to be rated number one App in the finance category in the US iOS App Store. The slogan behind the popularity is ‘Send, Spend Cash, Buy Bitcoin’. With the entry of Bitcoin Lighting Network, Dorsey feels it could be the push that the App needs to send it a notch higher.
Is Square Right for Bitcoin?
The crypto market is very unpredictable and the entry of the Cash App could complicate things not only for Bitcoin but other digital assets as well. Some concerns on the Cash App implications in the market have been raised with Armin Van Bitcoin, a Canadian, saying Coinbase was at some point the top app during the 2017 market boom and its popularity has been overshadowed by shinier Apps.
Cash App users have not been left behind in voicing their concerns of Bitcoin withdrawals to external accounts or wallets. If resolving the hiccups is not addressed on tome it might slow down the popularity of such applications including Square’s Cash App.
However, one thing is very clear, the Cash App has opened up Bitcoin buying to the masses and this has increased its adoption and visibility in the US. The Apps’ future looks bright if only it is rolled out globally.
The Bitcoin community is also anticipating an institutional investment boost to trigger the next bull-run. Eyes are now set on the SEC and the resulting decision on the Bitcoin ETF. Once the infrastructures are mature enough to grand institutions access to the crypto sphere, things will be better for cash app service providers.
The recent Bitcoin price spike has seen many crypto users head back to the exchanges. The renewed enthusiasm will also boost the popularity of Cash Apps. It is a wait and see situation though.