Bitcoin Eyes $7k As Square Tests Bitcoin Payments
Bitcoin is challenging the $7,000 mark one more time following news Square has opened Bitcoin payments to some of its users.
Bitcoin is breaking $7,000 again as p2p payments provider Square tests integrated crypto payments in its Cash app.
As Forbes and others report Wednesday, Square has issued a rollout to a limited number of customers, using pooled wallets to allow Bitcoin payments without the current high fees.
“...We’ve found that [customers] are interested in using the Cash App to buy Bitcoin,” the company said in a statement.
“We're exploring how Square can make this experience faster and easier, and have rolled out this feature to a small number of Cash App customers. We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system and we're excited to learn more here.”
Bitcoin has increased over $450 in value over the past 12 hours to circle just inches below $7,000 on major exchanges.
As users continue to battle high fees, the debacle over Bitcoin Cash (BCH) which saw Bitcoin prices drop dramatically over the weekend seems to be abating.
Having hit $2,400 previously, BCH is now circling just half of that, while Bitcoin is at its highest since Nov. 10.
Reactions to Square’s experiment were mixed, with Reddit commentators’ lukewarm reception contrasting with excited tweets from extant Square users.
@SquareCash OMG! Just noticed I can now invest in Bitcoin using my Cash app! ?? I seriously think this is my most useful app....ever.— ?️rad Burns (@mr_burn5) November 8, 2017