Cash App, a mobile payment service developed by Square, appears to have quietly increased their weekly buying limits of Bitcoin but not the withdrawal limits going by online comments.
Unconfirmed, the move is timely and further shows how responsive ramps are to possible changes in Bitcoin prices in coming days. It is also amid a price surge that has seen Bitcoin soared past $8,000, hovering around $9,000 at the time of press.
Taking to Twitter, a user posted:
“Cash App quietly increased Bitcoin weekly buying limits from $10,000 to $100,000 weekly. Pump this shit!”
CASH APP QUIETLY INCREASED #Bitcoin WEEKLY BUYING LIMITS FROM $10,000 TO $100,000 WEEKLY. PUMP THIS SHIT!
— crn (@CRNBTC) May 2, 2020
Unlike traditional payment providers, the likes of Cash App, Revolut, and other emerging Fintech companies are coming off strongly, supporting cryptocurrencies including Bitcoin so as to appeal to the younger tech savvy investors and traders. The result has been an overwhelming success.
In Q4 2019, out of $178 million revenue stemming from Bitcoin purchases, the provider earned $3 million in profits. Compared, this represented a 50 percent jump from the previous two quarters, an indicator that though not completely accepted because of the “supposed risks” by regulators, Bitcoin is an on-demand and an asset worthy of investment.
Support from Square and Cash App is therefore a step in the direction especially from investors who wish to get in and out of the market. There are reasons to be bullish.
In less than 10 days, the Bitcoin network will halve their miner rewards and it is the general expectations by the wider investment community that prices will edge higher.
Through a blog post, Square revealed a new feature that will enable recipients of government stimulus checks to deposit to Cash App.
“Cash App now offers routing and account numbers that you can use to deposit your stimulus payment directly to your Cash App balance. To find them, tap the Banking tab on the bottom left of your Cash App home screen. If you don’t see them, you can get them by activating your free Cash Card.”
To cushion businesses and family holds from the negative effects of coronavirus, the government will distribute $2 trillion in stimulus under the Coronavirus Aid, Relief, and Economic Security (CARES) act. There are indications that there some recipients are channeling these funds to Bitcoin.