"The reports of Bitcoin's death are greatly exaggerated..."
Remember over the weekend, as Bitcoin crashed 30% from its highs, how the 'told you so' crowd emerged and confidently predicted the end of the bubble as Bitcoin Cash was set to run the world? Well that was 30% ago and Bitcoin is now testing back above $7250 following headlines overnight that P2P payments provider Square is testing integration of cryptocurrency payments in its cash app...
As CoinTelegraph reports, Square has issued a rollout to a limited number of customers, using pooled wallets to allow Bitcoin payments without the current high fees.
“...We’ve found that [customers] are interested in using the Cash App to buy Bitcoin,” the company said in a statement.
“We're exploring how Square can make this experience faster and easier, and have rolled out this feature to a small number of Cash App customers. We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system and we're excited to learn more here.”
The reaction has been a $700 surge so far...
As users continue to battle high fees, the debacle over Bitcoin Cash (BCH) which saw Bitcoin prices drop dramatically over the weekend seems to be abating.
Having hit $2,400 previously, BCH is now circling just half of that, while Bitcoin is at its highest since Nov. 10.
Reactions to Square’s experiment were mixed, with Reddit commentators’ lukewarm reception contrasting with excited tweets from extant Square users.
Finally, Mike Novogratz sums things up well... "the herd is coming...
Big news -- looks like Square is adding a function to buy and sell BTC... the herd is coming #bitcoin— Michael Novogratz (@novogratz) November 15, 2017