Published On: Mon, Nov 20th, 2017

Square Bitcoin Support: Shares Rise as Analysts Laud ‘Ability to Innovate’

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Payment network Square has seen the value of its shares jump as a direct response to its Bitcoin integration.
Square Shares Up 30% In 30 days
After its announcement last week it was giving Bitcoin payments a limited trial for customers, Evercore ISI said the move was a major benefit to the business.
“Following our meeting Wednesday with CFO Sarah Friar, we are upgrading Square to outperform,” analyst Rayna Kumar wrote to clients quoted by CNBC. “Square’s introduction of bitcoin on Square Cash reflects its ability to innovate.”
The vote of confidence caps Square’s excellent run in October-November, shares closing up at 44.18 from 32.50 October 20.
Evercore’s sentiment reflects the latest wave of faith in Bitcoin’s long-term promise to stem from some traditional finance entities.
December will see CMEGroup’s much-hyped Bitcoin futures trading go live, with officials expressing a desire to “make Bitcoin not wild, nor wilder” through regulated institutional investor access.
Slow Burn For Bitcoin’s Real Impact
Kumar nonetheless forecast the Bitcoin’s direct impact on earnings for Square will surface only in the next few years rather than immediately. This was despite the …

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