Cash App Introduces 'Bitcoin Bonus' Feature Allowing Users to Earn Up to 2% Annual Rewards

Block Inc.'s Cash App has introduced a new feature called 'Bitcoin Bonus' that lets users earn weekly rewards by holding Bitcoin in their app. The company's CEO, Jack Dorsey, encouraged users to opt-in for this feature, saying 'turn it on'. According to the announcement, users could earn up to 2% of their held Bitcoin annually through this program.

The bonuses are funded directly and do not require any lockup or lending of users' Bitcoin. This means that users can still withdraw their funds at any time without any restrictions.

The rewards earned through this feature are taxable, and users must opt-in to become eligible for them. To do so, they need to access the Bitcoin tab in the app and turn on the 'Bitcoin bonus' feature.