Block, Formerly Square, To Let Users Give The Gift Of Bitcoin This Holiday Season

Block Inc’s SQ Cash App users can give the gift of Bitcoin BTC/USD to their loved ones, this holiday season.

What Happened: Cash App said in a tweet Tuesday that users can send as little as $1 in stock or BTC.

With Cash App, you can now send as little as $1 in stock or bitcoin. It’s as easy as sending cash, and you don't need to own stock or bitcoin to gift it. So this holiday season, forget the scented candles or novelty beach towel, and help your cousin start investing. pic.twitter.com/HS0CqusiLS

— Cash App (@CashApp) December 14, 2021

“​​It’s as easy as sending cash, and you don't need to own stock or bitcoin to gift it,” said Cash App, urging its users to forgo the scented candles or novelty beach towels.

See Also: How To Gift Crypto For The Holidays 

At the beginning of the month, Jack Dorsey-led Square Inc changed its name to Block Inc, in a nod to the blockchain among others. The company’s cryptocurrency unit changed its name to Spiral.

Why It Matters: Cash App has 40 million active users, according to Block’s second-quarter shareholder letter.

The rival cryptocurrency trading platform run by Coinbase Global Inc COIN already has a “Send a Gift” option, which allows users to give such gifts.

Robinhood Markets Inc HOOD was reported to be working on adding a feature that would allow its users to gift cryptocurrencies such as BTC and Dogecoin DOGE/USD.

A recent Benzinga poll indicated an overwhelming preference for cryptocurrencies as gifts over non fungible tokens or NFTs.  The majority of those polled were in favor of not giving either for the holidays.

Price Action: On Tuesday, Block shares closed nearly 2.7% lower at $170.72 in the regular session. At press time, Bitcoin traded 2.78% lower at $48,176.36 over 24 hours.

Benzinga’s Take: While giving cryptocurrency as a gift for the holidays may seem to be a good idea, users should ensure that the recipient knows how to safely store their coins. This is an important safeguard as coins lost through improper storage are an unfortunate but real issue.

Read Next: Elon Musk Says Tesla Will Try Out Doge Payment For Some Merchandise; Meme Currency Spikes In Reaction