As of April 24, 2024, Square offers an enticing option for merchants: convert a portion of daily sales into Bitcoin automatically.
Learn how this feature works, its benefits, and its potential to reshape business strategies towards cryptocurrency.
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The Rise of Bitcoin Holdings: A New Auto-Conversion Service by Square
On April 24, 2024, Block, the company behind payment services like Square and Cash App, announced a new feature for merchants using Square: the ability to automatically convert a set percentage of daily sales into Bitcoin (BTC).
This service caters to various payment methods including credit cards and electronic money, with Square serving as the payment terminal and Cash App supporting cryptocurrency transactions for transfers and payments.
How Does Square's Bitcoin Conversion Work?
Jack Dorsey, the head of Block, detailed that merchants can opt to convert between 1% to 10% of their daily sales into Bitcoin. This conversion happens at the end of each day, and the resulting Bitcoin is deposited into the merchant's personal Cash App account.
Starting from the launch date, this feature is available across the United States, with plans to extend it to all individual business owners and LLCs within the next few months.
A fee of 1% is deducted from each conversion transaction. However, the Bitcoin received can be sold or transferred at any time.
According to reports, many merchants who have implemented Square are interested in Bitcoin, believing it offers a wide range of use cases, including long-term savings and diversifying corporate assets.
Bitcoin's Growing Appeal in Business Strategies
The initiative by Square could significantly increase the number of businesses buying and holding Bitcoin, thus propelling the adoption and growth of Bitcoin.
This trend is observed alongside major Bitcoin investment strategies by entities like MicroStrategy, El Salvador, and Metaplanet, indicating a growing interest in cryptocurrency as a strategic asset.
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