Users Of Square's Cash Payments App Can Now Trade Bitcoins
Jack Dorsey, CEO of Square's Cash payments app, announced on Wednesday that nearly all users can now buy and sell bitcoin on the platform, nearly all but except for those in New York state, Georgia, Wyoming and Hawaii as per the Square's website.
Shares of Square briefly grew 4 percent in price before closing 3 percent higher.
"We believe bitcoin and other crypto sales represent a potential mid/long term growth opportunity for Square and we are positive on the strategy," Credit Suisse analyst Paul Condra said in an email. "This strategy could also drive greater adoption of Square Cash and we note SQ is well positioned to potentially facilitate crypto-payment purchases at Square merchants at some point in the future."
However, Condra is worried that the stock is too expensive and sees shares falling about 20 percent from Wednesday's closing price to $37 in the near future.
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