The news: Cash App, Square, and Bitkey are celebrating Bitcoin Day by giving away $1 million in Bitcoin, per a press release.

• Users who pay in Bitcoin at participating Square sellers can get $25 dollars back in BTC. 
• Cash App users can get $5 in BTC for buying at least $10 worth of the crypto.
• And users who order and open Bitkey and then buy or transfer $50 in BTC from Cash App can earn an additional $50.

Bitcoin Day will run from April 6 to April 10.

How we got here: Block has been a proponent of crypto as a means to give more consumers financial access without “gatekeepers, borders, or discrimination,” per Block’s Bitcoin landing page. 

Block has supported the proliferation of crypto payments with Lightning payments for shoppers and crypto promotions for Square sellers, like eliminating processing fees for one year for digital currencies. The company claims that adoption of crypto has been robust: 24 million active users have bought crypto on Cash App, and 1 in 4 crypto payments on Cash App happen over its Lightning Network.

Why this matters: Cryptocurrency remains a minor payment strategy, with only 2.5% of the US population counted as cryptocurrency payment users, per our forecast. 

Major incentives like Block’s Bitcoin Day are necessary to drum up support for transacting with a currency known for its volatility—or any crypto for that matter: Most shoppers pay with crypto when requested by the recipient, not because of personal choice, per Kansas City Fed data. 

Still, Block faces the uphill battle of convincing Square merchants to accept Bitcoin, especially small businesses that may not be able to white knuckle through Bitcoin’s price volatility while managing cash flow needs. 

Implications for payment providers: After the passage of the GENIUS Act, more US consumers are considering holding crypto as an asset or payment method. 

Crypto promotions can help payment companies reach young, affluent consumers—48% of Gen Zers report holding alternative currency, per a report from the CFA Institute.