TL; DR
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There’s a reason why we’re all watching more television and ordering more takeout than ever before.
It’s thanks to Netflix and DoorDash: they make accessing content and food delivery ridiculously easy.
And the easier something is to do, the more we are inclined to do it.
This new announcement from Square Payments aims to do something similar for Bitcoin.
In case you’ve been living under a rock, Square’s payment systems are the terminal of choice for virtually every store you encounter today, owning nearly 30% of the U.S. POS market.
…and it just so happens that their CEO (and former CEO of Twitter) Jack Dorsey is sort of obsessed with Bitcoin.
The current manifestation of that obsession takes the form of a simple switch that will soon be rolled out to all Square payment terminals.
When you flip this switch, a portion of a store’s daily sales will automatically be converted into Bitcoin.
That seems a bit gimmicky at first… but remember:
Physical retail sales in the US were… let’s see… that can’t be right.
No. That’s right (somehow): ~$5.79 trillion.
Siphoning just a percentage of a percentage of that revenue and converting it into Bitcoin could do huge things for the crypto market!
(For context, the investments in the BTC ETFs that helped Bitcoin reach new all-time highs in the first quarter of this year? They totaled ~$12 billion).
Very cool!