Financial services company Square enables dollar cost avering for Bitcoin. Twitter boss Jack Dorsey’s company is doing an important service for the crypto community.
Dollar cost avering is considered a great way to balance out the price fluctuations in the Bitcoin price in the long term. With “Bitcoin old-age provision”, you invest a fixed amount at regular intervals in a recurring rhythm and thus accumulate Satoshis. In the long term, this should increase your own BTC inventory. So a method, especially for Hodler — those investors who rely on an increasing Bitcoin price regardless of short-term price fluctuations.
The method of collecting Bitcoin in this way is now possible for a potentially large number of customers. Twitter CEO Jack Dorsey recently announced via tweet that it is now also possible to stack using the Square Cash app Satoshis.
— jack (@jack) May 18, 2020
You can now make recurring Bitcoin purchases in the CashApp. Daily, weekly or every 2 weeks. And switch the display to Sats.
The CEO of one of the most well-known news channels for the crypto community is also the founder of Square. The Bitcoin wallet already included in the cash app is thus upgraded to an important function for hodellers. With this, Square should also do a great service to the entire crypto community with this BTC savings account. This could result in a further adaptation push for cryptocurrencies. Similar positive signals have recently come to light through the inclusion of two crypto exchanges in JPMorgan’s select clientele .
Square and Twitter boss Jack Dorsey has long been a supporter of alternative payment systems in the scene. For example, he made a particularly positive statement about BTC last year and described the cryptocurrency as the future-oriented money of the Internet:
We have all of these currencies for every nation-state, but if you consider the Internet to be equivalent to a nation-state, there will be a currency that is embedded in itself, and there will be no institution to do so. And a global currency that originally came from the Internet will enable companies like ours to act much faster and reach a lot more people.
This is our only chance […] which I think creates a lot of clarity, enables a lot more innovations and above all creates a chance for a much better access for more people.
This statement came as little surprise to crypto fans. After all, the crypto fan had already bought a Bitcoin full node in March 2019 to keep the network running .