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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

$19 Billion Square’s Market Cap Surges 15% Due to its Bitcoin Venture

newsbtc
newsbtc
1 year ago
2 mins read

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Companies venturing into Bitcoin trading are taking a big risk. This largely unregulated market remains subject to a lot of volatility. For Square, their decision to offer Bitcoin trading has paid off in spades. Nomura Instinet analysts claim Square will bee see a “healthy” boost to Q1 earnings thanks to this new feature.

Square and Bitcoin Trading 

A lot of people were surprised when Square decided to enter the Bitcoin market. Given the current demand for exposure to cryptocurrency volatility, the decision makes a lot of sense. Square Cash introduced the trading of BTC earlier in 2018. It now appears that decision may have a big impact on the company’s share prices. In fact, they may even soar by as much as $15 per share. Those are the findings of Nomura Instinet analysts.

Dan Dolev, the person submitting these findings, predicts a healthy boost in company profits. The addition of Bitcoin trading has been very successful so far. Consumers want convenient access to cryptocurrencies without the hassle of dealing with centralized exchanges. Square Cash appears to check all of the right boxes for US consumers.

If the findings are correct, Square can further solidify its international presence. To achieve that goal, company shares need go up in value. According to Dolev, that should be feasible. Square’s stock prices are already up over 48% throughout 2018. The quarterly earnings will be disclosed on May 2nd of this year.

Bitcoin Traders Bring Home the Bacon

Earning money from offering Bitcoin trading services is a must for Square. Dolev comments the company could earn up to $125 in additional revenue per user. While the company does not disclose exact figures of users trading Bitcoin, it is expected as much as 6% of their client base does so. This results in a boost of up to 3% to adjusted revenue.

Jack Dorsey, the CEO of Square, also expects big things from cryptocurrency. He made a remark of how Bitcoin can become the “world’s single currency” in the future. Although it remains unclear if that is even possible, the sentiment is certainly there. With regulators focusing on this new industry, more legitimacy will be brought to cryptocurrency as a whole.

This also confirms banning Bitcoin is never the right approach. While China and India crack down on cryptocurrency, other countries keep an open mind. Firms operating in those lenient regions tend to make good money and boost economies. Square Cash is just one example of how this new form of money can bring positive changes to the local economy.

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Comments 1

  1. Stuart says:
    7 years ago

    Good news…I hold some Square shares and have the Cash app on my cell phone and have bought BTC on it. And yes this is the same Jack Dorsey that runs Twitter.

    Reply

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Comments 1

  1. Stuart says:
    7 years ago

    Good news…I hold some Square shares and have the Cash app on my cell phone and have bought BTC on it. And yes this is the same Jack Dorsey that runs Twitter.

    Reply

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