Cash App, the payment app created by Twitter's Jack Dorsey, has discontinued its free peer-to-peer Bitcoin transfer service. Starting Dec. 20, users can no longer send or receive Bitcoin using $cashtags. However, those outside New York can still utilize Lightning Network for Bitcoin transactions. The option for Bitcoin Gifts remains available. The changes only affect Bitcoin transactions, with fiat currency transfers remaining unaffected. A Cash App spokesperson stated that the decision was made to prioritize resources on services valued by Bitcoin users. Despite not disclosing Bitcoin usage statistics, regulatory filings show Cash App's profitability from Bitcoin. In Q4 2023, the app generated over $65 million in Bitcoin gross profit, a 90% increase from the previous year. Cash App currently boasts 57 million active users and offers various financial services beyond Bitcoin transactions. Recent reports also revealed federal investigations into Cash App's compliance practices and involvement in transactions with sanctioned countries like Russia and Iran. Read more AI-generated news on: https://app.chaingpt.org/news

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