Bitcoin is now gaining wider acceptance from the mainstream audience. In an announcement earlier today, Cash App announced that users can now send and receive Bitcoin on the app for free. This means that Bitcoin can be transferred on the app in a similar way to fiat current.
Cash App Enables Free Bitcoin Transactions
The payment platform, Cash App, announced that there will no longer be any charges for transferring Bitcoin on the app. This makes it possible for users to freely transfer Bitcoin to other app users. Also, users will be able to transfer BTC just as they would cash.
Therefore, in a bid to celebrate the zero transaction fees on the platform, Cash App has announced to give out $1 Million worth of Bitcoin. Cash App team made this announcement on Wednesday via a tweet.
You can now instantly send bitcoin to other $cashtags for free, right from your Cash App.
To celebrate, we’re giving out $1 million in BTC. To enter, follow us & RT this post w/ your $cashtag & #CashAppBitcoin. Void where proh no purc nec. End 3/18 Rules: https://t.co/FsLOPfwD66 pic.twitter.com/dKR1fkGeB1
— Cash App (@CashApp) March 17, 2021
This latest development will improve the mainstream adoption of Bitcoin. It will also enable users to make easier payments on the app using BTC. The free Bitcoin transaction on the app will attract more users to the platform.
Bitcoin Retail Investors Outbuys Institutions
The boost experienced by Bitcoin this year was majorly linked to institutional investors interest in the primary cryptocurrency. However, a recent report from JPMorgan revealed that retail traders are now the ones on the buying spree. The data revealed that the rate at which retail investors are buying Bitcoin has surpassed that of institutions.
Cameron Winklevoss, the co-founder of Gemini Exchange, said that retail investors now possess equal power and sophistication as institutions. Contrasting the total Bitcoin bought in the first quarter of 2021, retail investors bought about 15,000 more BTC than institutional investors.
