Block is trying to move bitcoin from an asset people trade into money they can spend. The company has an unusual advantage: Cash App gives it a large consumer base, while Square supplies payment tools to millions of sellers. Connecting those two sides could create a real checkout network instead of another isolated crypto wallet.
Block's head of bitcoin and stablecoin, Miles Suter, told Payments Dive that bitcoin payments are central to the company's long-term plan. Cash App has offered bitcoin purchases since 2018, and Square began integrating bitcoin payments in 2025. Block now offers a bitcoin discount for Cash App customers who pay participating Square merchants, giving both sides a reason to test the system.
The financial case is not simply higher bitcoin trading volume. Block has argued that bitcoin rails can reduce the fees merchants pay to card networks. If sellers accept the payment method because it is cheaper, Block could strengthen both Cash App usage and Square merchant retention. That two-sided benefit is more important to investors than the advertising campaign the company recently launched.
The experiment also exposes a tension in Block's bitcoin strategy. Cash App bitcoin revenue fell 13% year over year to $1.89 billion in the second quarter, while bitcoin gross profit fell 31% to $72 million after the company reduced fees. Lower prices may help adoption, but they also compress near-term economics unless transaction volume and engagement grow enough to compensate.
Volatility remains the biggest obstacle to bitcoin becoming routine payment money. Stablecoins are easier to use as a dollar substitute because their value is designed to stay stable, while bitcoin can move sharply between purchase and settlement. Block's thesis is that consumers will accept that trade-off as wallet security, merchant acceptance and incentives improve.
The next evidence should come from usage, not slogans. Investors need to see how many Square sellers enable bitcoin, how often Cash App customers choose it at checkout, and whether merchant savings create enough demand to offset lower trading fees.