CEO of Square Thinks Bitcoin Will Be Crypto’s ‘Single Currency’
US residents are now able to use Bitcoins in over 50 states legally through Square’s newest addition, the Cash App. Using Cash App, users can transfer money easily and efficiently after recent updates and innovations.
Square Inc. now hold a legal Bitliscence to let them utilize cryptocurrency transfers freely. The corporation decided to add Bitcoin to the payment options on the app back in 2017, which can give other businesses a good example of a far-sighted vision that includes cryptos as legal tender.
Future of Square
Now that Bitcoin transfers are becoming more legitimate and common, Square Inc is investing more into allowing more people to put their money on Bitcoin and expand it’s overall usage weight in the US.
The app is built to highly support Bitcoin, which makes it rival other popular cryptocurrency exchanges such as Coinbase and Abra. The two latter companies, however, provide services that Square would need to adapt to, unlike Bitcoin.
Brian Grassadonia, announced his excitement with their new expansion. Cash App will begin to helps consumers manage their online payments and deal easily with their cryptocurrency-based transaction.
Another reason why the license is a great leap in the crypto market is that it will control the trade over cryptocurrency, as the rates were quietly abused over the course of the previous year; the cryptocurrencies where, in some cases, traded for 70% lower rates than the actual exchange rate.
The numbers are clearly in favor of Square Inc’s vision. In fact, at the time of writing, the current value of a single bitcoin is 6,400 USD and has increased over the course of the last day, as stated by Coinmarketcap.