Square’s Cash App, the mobile payment service, overtakes Coinbase, the digital currency exchange platform in the race of the most widely used iOS app to purchase Bitcoin (BTC). Notably, the app has also scored higher than YouTube in terms of popularity.
Owned by Twitter CEO Jack Dorsey, the app has managed to capture the interest of Bitcoin’s key demographic and their target audience – the millennials on the go. Dorsey has been pro-Bitcoin and believes that the token will become the world’s “single currency.”
“Bitcoin, for us, is not stopping at buying and selling. We do believe that this is a transformational technology for our industry, and we want to learn as quickly as possible.”
The CFO of Square, Sarah Friar added that adding BTC to their app was more about increasing liquidity and utility.
“It’s not a major monetization engine. The goal is to continue to drive utility in the Cash App.”
While BTC is facing a massive bear and hitting its lowest lows, it continues to increase its approach and adoption rate. The crypto winter has BTC testing its resilience and in comparison to its 33% market dominance at the start of the year, the token has grown its market share to 54.8% at the time of writing.
While BTC’s position was challenged by the popularity of ICOs, that used token in the likes of Ethereum-based ERC20 tokens as a fundraising tool. However, a combination of the market’s downturn and stricter regulations have pushed ICOs under scrutiny. On Nov-16, the US regulators issued its first cases imposing civil penalties solely for “ICO securities offering registration violations,” fining startups Airfox and Paragon Coin.
On the other BTC managed to survive almost unscathed, though the bear has pushed much of Bitcoin miners and companies shutting down, the token still manages to hold a strong stand. Saifedean Ammous, an economist and academic told the Express, in an interview
“If Bitcoin’s economic incentive system continues to work and survive the way it has over the past ten years, it doesn’t matter what mainstream financial institutions think. It doesn’t matter what anyone thinks. It is just going to be the economic reality that compels people to act upon it.”