Block has announced its participation in Bitcoin Day, a promotional campaign that aims to increase adoption of cryptocurrency as a payment method.
The campaign offers $1 million in Bitcoin giveaways to users who pay in or use Bitcoin at participating sellers. The promotion is part of Block's efforts to make cryptocurrency more accessible to consumers and businesses alike.
Users can earn rewards ranging from $25 to $50 in Bitcoin by making purchases and using specific services, such as Cash App and Square. This incentive is particularly important for Block, given the relatively low adoption rate of cryptocurrency in the US, which currently stands at 2.5% of the population.
The company's efforts are also driven by the growing interest in holding cryptocurrency as an asset or payment method among young consumers, with 48% of Gen Zers reportedly holding alternative currency, according to a report from the CFA Institute.