The test group was confirmed by Zach Miles (@zachmil_es) on Twitter, and below you’ll find a video he posted showing how to buy and sell Bitcoin in Cash App.
The news has sent Bitcoin to $7233.92, which is a significant rally from Sunday’s low of $5584. This has been an ongoing theme with Bitcoin, as mainstream news tends generate 10-20% swings in either direction, making it a lucrative market for traders.
As for the integration of Bitcoin into Cash App, this is another stepped towards making Bitcoin available to the masses. However, unless Square charges a premium for being on either the buy or sell side of a Bitcoin purchase, Bitcoin sales would likely be a loss leader. One way to prevent this would be for Square to purchase a large amount of Bitcoin, then to sell it to the app users at the current market price. Square’s risk of price swings can also be mitigated by limited the amount of Bitcoin available of sale through Cash App.
— Zach Miles (@zachmil_es) November 15, 2017