Jack Dorsey’s Square just dropped a bombshell by launching Square Bitcoin, a platform letting 4 million US merchants accept and manage Bitcoin directly through their existing Square systems with zero fees for the first year.
Starting November 10th, merchants can accept Bitcoin at checkout, automatically convert up to 50% of daily sales into BTC, and manage everything inside the Square Dashboard. The company’s basically betting that removing all cost barriers will get tons of businesses to experiment with crypto payments.
This isn’t just theory either – Square ran pilot tests in 2024 where participating sellers accumulated 142 BTC through automatic conversions. Miles Suter from Block said Bitcoin is no longer just an investment but is becoming a daily settlement tool that should work as smoothly as card payments.
The timing puts serious pressure on PayPal, Stripe, and Visa, who’ve been dabbling with stablecoins and blockchain settlements. Square’s native Bitcoin support with instant fiat conversion could force competitors to expand beyond stablecoins and embrace decentralized payment rails.
Market tracker eMarketer expects US crypto payment users to explode 82% between 2024 and 2026 as merchant tools simplify conversion and compliance. Analysts think this could massively boost Lightning Network adoption and drive liquidity growth across Bitcoin infrastructure.
Block shares jumped 2.64% on the news to $81.11, though they’re still down 4.5% year-to-date after wild swings earlier this year.
Conclusion
Square launched a zero-fee Bitcoin payment platform for four million US merchants starting November 10th, intensifying crypto payment competition and potentially accelerating mainstream Bitcoin adoption.
Also Read: Bitcoin Sees Inflow
