Square May Drop Bitcoin Support if Regulatory Landscape Changes

Fintechist Square Bitcoin Support

Most people have heard of the Square app. It is a convenient financial tool for mobile users. CEO Jack Dorsey has made it clear the support for Bitcoin has been a positive decision for Square as a whole. In fact, it may have pushed the company’s earnings to a new high in the past few months.

Square has made its most recent earnings public this week. The news is pretty positive all across the board. With over 7 million users in December, things are looking pretty solid for the company as a whole.  Moreover, the Square Cash app has seen debit card users spend over $90m in December. All of these statistics are pretty positive for the young company as a whole.

Cryptocurrency Support and Square

Moreover, their focus on cryptocurrency trading has been quite controversial. A lot of experts warned this was a bad decision. At the same time, cryptocurrencies have never been more popular than they are right now. Users can now buy and sell Bitcoin through the Cash app accordingly. It seems this has been a smart decision by Square, as this feature is growing in popularity.

While all of this sounds positive, there are some caveats. First of all, the regulatory landscape regarding cryptocurrencies is changing. This can be either good or bad for the company, but we have to wait and see how things unfold. The company is not too concerned as of right now. Square is aware failure to comply will have major repercussions. For now, everything is on the up and up, although the team keeps a close eye on these developments.

It is a bit unclear what the future holds for Square. If things change dramatically, the company will halt this cryptocurrency feature in its current form. For now, it is a valuable addition to the overall app ecosystem. Whether or not that will remain the situation, is a different matter altogether. Regulating Bitcoin is not necessarily viable by any means, as the lack of centralization makes all “rules’ trivial first and foremost.

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