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Payment giant Block allows merchants to exchange 10% of sales directly for Bitcoin! How much funding will there be?
Payment giant Block allows merchants to exchange 10% of sales directly for Bitcoin! How much funding will there be?
This site (120bTC.coM): Block, which owns the encrypted financial payment service Square and the mobile payment application Cash App, announced a new plan late yesterday (24th). Merchants allowed to use Square services can transfer 1-10% of their daily sales to Cash App accounts and exchange them for Bitcoin.
Block: Many Square merchants are interested in Bitcoin
Block explained that Bitcoin is an economic empowerment tool, and many people using Square The merchants served are interested in Bitcoin: Bitcoin is an economic empowerment tool that provides global economic actors, including businesses, with a way to participate in innovation in the monetary system. According to the response from Square-related merchants, many of them are interested in Bitcoin and believe that Bitcoin has gained a wide range of use cases, such as long-term value storage and company asset allocation.
Block added that the feature is officially rolling out in the United States starting with the announcement and will be available to all sole proprietors or single-member LLCs in the coming months. Sellers can transfer 1-10% of daily sales to their personal Cash App account or send Bitcoin to other wallets at any time, and Block will take a 1% fee from each conversion made by the seller.
How much money will flow into Bitcoin?
According to Block’s 2023Q4 financial report released in February this year, Square’s total payment scale (GPV) is US$53.5 billion. If each merchant uses 10% of its payment amount to purchase Bitcoin, that amount In 2018, there will be an inflow of approximately US$20 billion into BTC. How much entry funds will be brought in the future deserves our continued attention.
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