The Block Will Allow Users to Give Bitcoin as Holiday Gifts Through the Cash App

Digital payments company Block (formerly Square) announced that Cash App users will be able to gift cryptocurrencies and stocks to friends and family during the festive season.

According to a tweet on Tuesday, Cash App said its roughly 40 million monthly active users can send as little as $1 in bitcoin or shares as gifts in the same way they’ve traditionally sent cash. The payments firm joins others including PayPal and Coinbase in allowing users to send cryptocurrencies as payments or gifts to third parties.

With Cash App, you can now send stocks or Bitcoin for as little as $1. It's as easy as sending cash, and you don't need to own stocks or bitcoin to give. So this holiday season, forget about scented candles or novelty beach towels and help your cousin get started investing.

— CashApp (@CashApp) December 14, 2021

Cointelegraph reported on Dec. 7 that a study by lending company BlockFi showed that many Americans are willing to accept cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin as holiday gifts. However, the same survey revealed that most respondents do not have the skills to transfer cryptocurrencies. Many critics attribute the large number of bitcoins lost since 2009 in part to sending bitcoins to newbies.

Other projects accept crypto donations during the festival to help those in need. Earlier this month, fintech provider Unbanked announced that it would enable crypto donations for Toys for Tots, a program run by the U.S. Marine Corps that collects toys to distribute to underprivileged children. Additionally, platforms like The Giving Block allow nonprofits and charities to accept cryptocurrency donations.

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