Bitcoin (CRYPTO: BTC) prices were up 8.6% on Thursday to near $60,000 after Square Inc (NYSE:SQ) announced a new Cash App feature allowing users to instantly send bitcoin to other $cashtags for free.
What Happened? On Wednesday, Cash App said its users can now instantly send bitcoin for free on their app.
To promote the feature, the company also announced a new contest in which it’s giving away $1 million in bitcoin to anyone who follows @CashApp on Twitter and retweets this tweet along with their $cashtag and the hashtag #CashAppBitcoin.
Related Link: How to Buy Stocks and Bitcoin on Cash App
Why It’s Important: As of noon on Thursday, the Cash App contest tweet had more than 28,600 retweets, suggesting Twitter users are certainly aware of the new feature and the contest.
Square recently launched Cash App Invest. Six years after the launch of Cash App, users can now use the service to trade stocks and bitcoin for free.
Square was one of the earliest companies to integrate bitcoin into its digital payment app. The company has also been aggressively buying bitcoin, and the company recently said the cryptocurrency currently accounts for about 5% of the company’s total balance sheet.
What’s Next: Square investors will be watching closely to see how many users Cash App Invest and the bitcoin giveaway contest have attracted to get a sense of how much of a long-term growth opportunity the service could be.
Square is expected to report first-quarter earnings in early May.