Twitter CEO Jack Dorsey showcased the ability of the Cash App, developed by Square, to make frequent daily, weekly and biweekly purchases of Bitcoin, this May 18. The Square CEO also announced that users of the Cash app can now see the value of their funds in Satoshis, the smallest fraction of Bitcoin.
Dorsey reported to his 4.5 million followers on Twitter: “You can now make automatic recurring purchases of Bitcoin in the Cash app. Daily, weekly or every two weeks. And change the name to Sats«. Jack Dorsey has emerged in recent years as one of the leading proponents of Bitcoin, and only Bitcoin.
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Cash App to accumulate satoshis
Dorsey once revealed to Joe Rogan during his first appearance on the JRE podcast that Bitcoin would be the only cryptocurrency considered for use in Square's cash app. Dorsey later told interviewers that he thought that Bitcoin would become the native currency of the internet. In December 2019, Square published a job announcement for a developer capable of implementing “new features” such as limit orders and automatic investing.
It is not known for sure when Square implemented the new recurring purchase feature; however, a YouTube video from May 8 show a user successfully setting up a recurring purchase. Just two months ago, during March of this year, Dorsey proudly presented a emoji unique for the Bitcoin hashtag.
The deeper implications for users of Square's Cash App is that it opens up the potential for Dollar Cost Averaging. Also known as a popular method of reducing risk when investing in a highly volatile asset. Instead of making a single large purchase, with this method, an investor buys small amounts over a longer period of time. Dollar Cost Average has been shown to be a relatively successful investment strategy in fields, not just cryptocurrencies.
