Cash App, Block’s payment application, has eliminated all fees and spreads on Bitcoin purchases exceeding $2,000, as well as on all automated and recurring buys through Auto Invest and Round Ups. Previously, the app charged fees up to 2.0% on small purchases and 0.9% on transactions between $1,000 and $2,000. This move directly targets dollar-cost averaging, the regular buying strategy favored by retail investors for which fees were adding up quickly. Cash App has also raised its Bitcoin withdrawal limits and maintains that all held Bitcoin is fully backed with 24/7 withdrawal access. For Block, the bet is to offset lost fee revenue by attracting more users who will then use other revenue-generating features like direct deposit, Cash App Card spending, and peer-to-peer payments.
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