Twitter CEO Jack Dorsey’s Square now allows its users to buy Bitcoin (BTC) automatically in the latest push to boost uptake of the largest cryptocurrency.
Confirmed by Dorsey on Twitter on May 18, Square’s Cash App now supports automated BTC purchases at set time intervals.
Square shielding BTC buyers from “market swings”
Square already includes a Bitcoin wallet and has rolled out the feature, properly known as Auto Invest, to its stock purchases as well.
“You don’t need perfect timing if you’re thinking long-term,” the company’s website explains about the new feature.
Auto Invest lets you set it and forget it by dollar-cost averaging, which is an investing term for regularly buying small amounts over time. By spreading purchases out, you can minimize the impact of market swings.
New BTC flows to Square
Dollar-cost averaging is a conspicuous move towards turning Cash App users — regular investors as opposed to large volume or even technically-minded ones — into Bitcoin-minded savers.
Using the DCA calculator from market resource dcaBTC, a $10 weekly buy for the last three years has produced around 65% profits — from $1,570 to $2,588 as of May 15.
BTC DCA 3-year chart with weekly $10 buys. Source: dcaBTC.com.
Cryptocurrency usage has already mushroomed thanks to the wallet implementation and one-off buy functions. As Cointelegraph reported, the majority of Square’s $528 million Q1 revenues came from Bitcoin.
Together with investment giant Grayscale, Square consumed over half of all the BTC mined in the first quarter of the year.
Auto Invest currently allows an account holder to commit to daily, weekly, or monthly purchases, subject to a minimum amount of $10. The display page can also be switched to satoshis instead of BTC for easier navigation with smaller amounts.