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.

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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.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.