Jack Dorsey’s Square Cash that lets anyone buy bitcoin has become the top finance in the Apple App Store in the United States.
The Inexorable Rise Of Cash… App
Many cryptocurrency observers believe that this bull-run will be the one which takes Bitcoin to the moon. There has been suggestion of several indicators or fundamental differences to back this up.
Is Square’s Cash App being the top-rated finance app for iOS one of them?
Jack Dorsey’s financial services provider, Square, has been making waves within the crypto-community since the height of the last bull-run. In November 2017 it trialled a feature allowing some users to buy and sell Bitcoin through its Cash App. By February the functionality had rolled out to all users… in the US, at any rate.
Despite the bear market conditions throughout 2018, Square’s Bitcoin sales hit record levels quarter after quarter. Indeed, if growth continues at this rate there will be 2 BTC bought on Cash App for each one mined after the next halving.
https://twitter.com/misir_mahmudov/status/1130942795429175296
This growth has been one factor propelling Cash App to become #1 in the finance category on the (US) iOS App Store, with the slogan ‘Send, Spend Cash, Buy Bitcoin’. With Lightning Network payments definitely coming, according to Dorsey, could this be the catalyst which makes Bitcoin moon?
Bitcoin’s Killer Application?
There are many who question Cash App’s significance, with Canadian commenter Armin Van Bitcoin, pointing out that Coinbase was the #1 app during the 2017 bull run. Others highlight difficulties in setting up withdrawals of Bitcoin from Cash App to external wallets once bought.
In innovation terms, Cash App, doesn’t appear to do anything new or clever. But it does bring a simple solution for buying bitcoin to the masses. At least, the masses in the United States, that is. There has been no news on when (or if) this feature will roll out internationally.
And let’s not forget that a large part of the Bitcoin community expects interest from institutional investors to be the driving force of the next bull run. Despite the SEC delaying decisions on Bitcoin-ETFs once again, fingers are crossed for an approval at some point this year. Barry Silbert’s reasoning behind this rally being different centres largely around the infrastructure enabling institutional access to the space.
That said, consumers are flocking back to exchanges in droves since price started trending upwards. So it looks like a combination of resurgent consumer interest and nascent investor interest will combine.
Twice the propulsion? Moon, here we come.
Have you tried Square Cash app? Share your experiences below!
Images via Shutterstock
