Square Inc, a payments company, has recently announced that it has started permitting select customers to buy and sell bitcoins on its Cash app as it aims to join the cryptocurrency craze.
The majority of institutional investors have steered away from the largest cryptocurrency in terms of market capitalisation, even though bitcoin is outperforming all of the world’s traditional currencies.
However, with Square’s efficient technology, it allows consumers to perform credit card transactions without a cash register or system.
Bitcoin’s validity has been questionable due it its link with Silk Road, an online black market for illegal drugs. In addition, traditional investors still see the cryptocurrency as cloudy and are of the opinion that it has potential to collapse.
The central bank in Russia has stated that it would ban cryptocurrency trading websites. Following this, China has already forced numerous bitcoin transaction platforms to shut down. Cryptocurrency was labelled “fraud” by JPMorgan Chase & Co Chief Executive Jamie Dimon.