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It’s reflective of the industry’s general mood regarding cryptocurrency when the stock prices of the online payment app Square Cash would rise right after offering Bitcoin buy and sell features. It didn’t even matter that the service was only available to a limited number of users, so far, and the benefits to Bitcoin was even bigger since it could lead to the normalization of cryptocurrency.
A reader of TechCrunch told the publication about the new feature earlier in the week, which was then confirmed by the company behind the app. The service essentially functions as a trading platform, which allows certain users to buy, sell, and hold Bitcoin in their accounts.
The new feature is still in a trial mode, largely because the developers are still trying to figure out how to make Bitcoin trading faster. Since the Cryptocurrency does exist within the Blockchain network, some lag time is only to be expected. For example, some users are reporting that transactions take time to reflect on their accounts, which would certainly cause a lot of users to panic if it was widely available.
This news also caused the stock prices of Square to rise five percent on November 15th, which is the cherry on top of the cake that is its performance for 2017. As good as this development is for the online payment app, however, opening up this service on Square Cash is even better for Bitcoin.
As Quartz reports, pundits are already raving about how this could help to normalize the use of cryptocurrency for paying stuff or getting paid. This sentiment was reflected by the 12 percent rise of Bitcoin on Wednesday. As of writing, the cryptocurrency’s price stands at $7,900, but that is expected to go even higher as news of the new Square Cash feature spreads.
