Amid Bitcoin Volatility, 60% of Square Merchants Still Willing to Accept the Cryptocurrency
During the first month of 2018, the cryptocurrency proponent and Square CEO Jack Dorsey announced the integration of bitcoin with it’s ‘Cash App.’ Dorsey who is also the CEO of Twitter has been a bitcoin fan for quite some time and is very vocal about his cryptocurrency enthusiasm. Since Square launched the Cash App integration with bitcoin, a research survey was conducted by Nomura Instinet which showed that more than half of Square merchants who participated would take BTC rather than dollars.
“This result is surprising, especially amid bitcoin’s elevated volatility,” Nomura Instinet analyst Dan Dolev explained this week.
Since Adding Cryptocurrency Features, Square’s Public Shares Rise by 49%
The research called “SQ Survey: Merchants Say YES! To Bitcoin” reveals that the highest represented age group in those surveyed and willing to accept the digital currency was 31-40. About 40 percent fall under that category, explains the researcher Dolev’s note to clients.
“Like Amazon in its early days, we believe that little of Square’s future revenue streams are currently visible,” the analyst Dolev details.
The researcher also reveals that more than 7 million merchants are using the Square Cash App. Roughly 95 percent of the participants called the application “excellent” or “good” while the remainder said the app was “average.”
“Undoubtedly, the success of the Cash App is a significant achievement,” Dolev writes to clients.
“Currently, an individual can set up the app in minutes and send peer-to-peer payments, store money, receive their paycheck and buy and sell bitcoin.”
Since Square started the bitcoin initiative, the company’s public shares have been selling like hot cakes. Square’s digital currency initiative that started in February of this year has pushed Square’s stock up over 49 percent.