The latest round of stimulus checks are already hitting Americans' bank accounts, and CNBC's Jim Cramer believes there's one main way for investors to play it: Square . "Cash App is where a lot of money is going to end up," he said Monday on CNBC's "Squawk on the Street." "What happens with that Cash App? They buy pieces of bitcoin...Square is known as the bitcoin place." Cash App is Square's peer-to-peer payment platform, which also allows users to buy and sell assets such as bitcoin and stocks. In February, Square revealed that it bought $170 million worth of bitcoin as part of its "ongoing commitment to the cryptocurrency." The purchase came after the company initially bought the digital asset in October 2020. As of the end of 2020, bitcoin represented about 5% of the company's total assets. Tesla is another company that's loaded up on bitcoin, with the electric automaker buying $1.5 billion worth of the cryptocurrency in February. Over the weekend bitcoin crossed $60,000 for the first time on record. Cramer also pointed to the strength in Square's management team. He said CFO Amrita Ahuja has done a "remarkable job," while CEO Jack Dorsey has done an "incredible job." Bitcoin prices have been on a tear this year, and investors are using platforms like the Cash App to buy and hold digital currencies. "We had 3 million people transact in bitcoin through Cash App in 2020 and 1 million who were new to bitcoin in January ," Ahuja told CNBC in February. Shares of Square are up roughly 11% for the year, and have gained more than 300% over the last year.
Square app for smartphone credit card swipe.
Jin Lee | Bloomberg | Getty Images
The latest round of stimulus checks are already hitting Americans' bank accounts, and CNBC's Jim Cramer believes there's one main way for investors to play it: Square.