I just saw that Block held an interesting event last month called Bitcoin Day, from April 6th to 10th, giving away free BTC to users via Cash App. There was a total of $1 million in the BTC free giveaway pool, which sounds quite attractive.

The event rules are a bit interesting, divided into three tiers. Buy $10 worth of BTC and get $5 free, pay with Square to get $25 worth of BTC, and finally withdraw BTC to a Bitkey wallet to receive $50. Calculated this way, a user can get up to $80 worth of free BTC. It seems like Jack Dorsey is using this event to connect Cash App, Square payments, and Bitkey hardware wallets—pretty clever product design.

What’s interesting is that they called this "The Faucet Is Back," in homage to the Bitcoin faucet created by early developer Gavin Andresen in 2010. Back then, BTC was worthless, so he just gave it away. Now, Block’s version, although it involves a bunch of KYC and product tie-ins, the core logic remains the same—helping newcomers actually get BTC.

During the event, BTC price hovered around $67K, and the Fear and Greed Index was deeply fearful (11 points). They chose this time to run a free BTC giveaway, probably aiming to attract new users at the bottom. Now that BTC has risen to over $80K, those who claimed during the event should have made some small profits.