Cash App has officially announced that it now allows Bitcoin gifts.
With Cash App, you can now send as little as $1 in stock or bitcoin. It’s as easy as sending cash, and you don't need to own stock or bitcoin to gift it. So this holiday season, forget the scented candles or novelty beach towel, and help your cousin start investing. pic.twitter.com/HS0CqusiLS
— Cash App (@CashApp) December 14, 2021
Gifting Bitcoin with Cash App
The app is owned by Block, which is Jack Dorsey‘s financial services company formerly called Square.
Thanks to this decision, Block will allow Cash App users to make Bitcoin gifts during the holiday season.
The interesting thing is that the user will not need to own BTC in order to gift them. As a matter of fact, the app will allow users to pay for sending the gift in fiat currency, which will be converted into Bitcoin by the platform so that BTC can be delivered to the recipient.
Cryptocurrency gifts have always been a bit tricky to make, both because those who wanted to give them had to buy them first, and because they had to make sure the recipient was able to receive them.
This way, it is enough to make sure that the recipient has the app to make sure they can receive them. Furthermore, there is no need to make a direct purchase, as this is done automatically by the platform itself.
The minimum amount is $1.
In a CNBC video, some screenshots of the new feature were shown, making it very clear how easy Cash App has made it to send a gift in BTC.
Obviously, the recipient, once he or she receives the gift, can also decide to sell it and cash in dollars, but in the case of receiving Bitcoin, he or she might also consider keeping it in the wallet.
The success of this app was resounding after it enabled support for Bitcoin, and it is plausible that this initiative could also be successful, as a recent survey revealed that 10% of Americans would be willing to gift cryptocurrencies for Christmas.
Cash App may boost Bitcoin’s price
It is to be expected that there will be similar initiatives in the future, especially since Dorsey announced his resignation from Twitter to focus his energies on Block and the development of Bitcoin.
In November last year, the activation of crypto trading on PayPal sent the price of Bitcoin soaring. Should Cash App’s initiative be similarly successful, a similar market reaction can be expected, as demand for BTC would increase. It remains to be seen how big this increase in demand will be, as it would have to be massive to really impact prices.