In 2018, Cash App started allowing users to invest in Bitcoin and the stock market. In doing so, they became one of the first major apps to allow simple and easy Bitcoin investment.
Investing in Bitcoin with Cash App is an excellent way to make some side money and expand your portfolio of investments. As long as you keep track of the market and you consistently invest, then you’ll be able to make short-term flips or hold onto your Bitcoin as a long-term investment.
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Today, I’m going to show you how to get started in cryptocurrency using your Cash App account, expound on some of the reasons why you should be buying cryptocurrency, and break down how Cash App’s new card lets you earn free Bitcoin on qualifying purchases!
Let’s take a look.
How To Invest In Bitcoin With Cash App
If you’ve been keeping up with the market news since last Fall, then you’ve almost certainly heard of Bitcoin’s massive rise to power. The last time that this happened was back in 2017- a year that turned thousands of early investors intomillionaires overnight.
Since November 2020, the value of Bitcoin (BTC) has risen from just over $18,000 to over $50,000. That means if you had invested in Bitcoin just five months ago, you would have doubled your money and then some.
The massive rallying behind Bitcoin is the result of numerous factors. There were the first few rounds of stimulus checks that many Americans invested into the market (those who could afford to). Secondly, large Wall Street hedge funds started purchasing Bitcoin and allowing their partners to invest in it. Thirdly, Elon Musk (along with several other leading figures) tweeted about it and spoke about it on the new Clubhouse platform nonstop for several months.
Although the growth has plateaued in the past couple of weeks, some experts believe that this is only the beginning and urge investors to hold onto their investment at all costs.
This also means that now could be the BEST time to start investing in Bitcoin while the prices are still relatively low before the rallying begins and the price goes up even higher. Here’s how you can get started investing on Cash App!
Step 1: Link Your Bank Account And Fund Your Cash Balance
Before you can purchase Bitcoin (or stocks), you’ll need to have a bank account or debit card linked to your Cash App account. I suggest linking your bank account because your fees will be lower, you’ll be able to purchase more at a time, and it tends to be a lot more simple overall.
If you haven’t done so already, open Cash App and locate the ‘Banking’ tab in the bottom left-hand corner of the screen. If you have a $0 balance, it will be represented by a small bank icon. If you do have money in your cash balance, then you’ll see the amount displayed in place of the bank icon.
Once you open the banking tab, scroll to the bottom of the page and select ‘Linked Accounts.’ Here, you’ll be able to enter your debit card information or link your Cash App account directly to your bank account by using your mobile banking login details.
Once everything is linked, you’ll be able to start adding money to your cash value that you’ll be able to use to purchase Bitcoin.
Step 2: Locate The ‘Investing’ Tab In Cash App
Now that you’ve got the funding out of the way, it’s time to navigate to the ‘Investing’ tab in Cash App. This is represented by a small BTC icon and a stock card and is directly to the right of the ‘$’ main money transfer interface.
Here, you’ll be able to choose between two tabs- Bitcoin and Stocks. Select Bitcoin.
I really have to commend Cash App’s investing platform. They provide users with a constant stream of the latest Bitcoin news, articles, and prices. This allows investors to make more informed choices so that they can actually make money with their Cash App investments.
Step 3: Purchase Bitcoin!
After you’ve got a chance to browse through some of the news and you think that it’s a good time to invest, just select ‘Buy Bitcoin.’ You’ll be able to choose between several pre-selected amounts, or you can swipe the screen up to select a custom amount. Your purchase will be made at Bitcoin’s current market value, and the funds should be available within your account within five to ten minutes!
Now, you just have to be patient and wait for Bitcoin’s value to go up so that you can sell it for a profit.
One-Time Payment Vs. Recurring Purchase
When purchasing Bitcoin on Cash App, you’ll have the option to make recurring payments. If you’re an on-the-go investor who doesn’t have a lot of time on their hands, then this is a good way to streamline your investments. For example, you could set it to withdraw $25 from your bank every week on your payday and put it towards Bitcoin.
Understanding Bitcoin’s Market Volatility
There’s a lot of money to be made with Bitcoin, especially if you take advantage and invest now before prices start going up again. That being said, Bitcoin is definitely a volatile investment. It’s not as stable as the stock market, which means that you could gain or lose a significant amount in a single day.
When it comes to cryptocurrency, this is completely normal, though. So, if your portfolio suddenly drops by $500 in a day, don’t be alarmed. It will likely go back up within a couple of days. Just check the latest Bitcoin news to make sure that something drastic or damaging didn’t occur to cause the event.
Earn Free Bitcoin With The Cash App Card
If you haven’t already gotten your Cash App Cash Card yet, then here’s another great reason to- you can earn free Bitcoin just for making purchases with your Cash App debit card. To activate these bonuses, select your Cash Card settings in Cash App and view the ‘Boost’ options. Some will give you cashback, but others will give you Bitcoin if you purchase from the sponsored merchants!