Jack Dorsey, Twitter's CEO
Twitter CEO Jack Dorsey showed off the ability of the Square Cash app to make daily, weekly, and bi-weekly recurring Bitcoin purchases on May 18. The Square CEO also announced that Cash App users can now view the value of their funds in Satoshis – the ‘cent’ to Bitcoin’s dollar.
Dorsey informed his 4.5 million Twitter followers: “You can now do automatic recurring purchases of Bitcoin in Cash App. Daily, weekly, or every two weeks. And change the display to SATs.”
Jack Dorsey emerged in recent years as a major proponent of Bitcoin – and only Bitcoin. Dorsey once revealed to Joe Rogan during his first appearance on the JRE podcast that Bitcoin would be the only cryptocurrency considered for use on Square’s cash app. Dorsey later told interviewers that he thought Bitcoin would become the native currency of the internet.
In December 2019, Square posted a job advertisement for a developer capable of implementing “new functionalities,” such as limit-orders and auto-invest.
It is not known for sure when Square implemented the new recurring purchase function; however, a YouTube video from as recently as May 8 shows user successfully setting up a recurring purchase. Just two months ago, during March this year, Dorsey proudly introduced a unique emoji for the hashtag Bitcoin.
The deeper implications for users of Square’s Cash App is that it opens up the potential for dollar-cost averaging (DCA). DCA is known as a popular method of reducing risk when investing in a highly volatile asset.
Instead of making a single large purchase, with the DCA method, an investor buys small amounts over a longer period of time. DCA has been shown to be a relatively successful investment strategy in fields, not just limited to cryptocurrency.
Read CryptoPotato’s deep-dive into dollar-cost averaging to see examples of how the investment method has worked in the past.