Chapter Square Jack Dorsey (Jack Dorsey) said that the ability to buy and sell bitcoins in the Square Cash application is now available to most users.
Against the background of this news, the value of the company’s shares on the after-trade auctions on January 31 rose by 3.1%.
“We believe that the sale of bitcoin and other crypto currencies represents a potential growth opportunity for Square in the medium and long term, and are positive about this strategy. This strategy can also contribute to the increased use of Square Cash », – said Credit Suisse analyst Paul Kondra (Paul Condra).
At the same time, Kondra believes that the share price is too high. According to his estimates, over time Square quotations will fall by 20% from the level fixed at the auctions on January 31 ($ 37).
At the same time, analyst of Nomura Instinet Dan Dolev (Dan Dolev) is of a different opinion. According to his forecasts, the price of Square shares will increase by 37% to $ 64. Moreover, the reason for this will not be bitcoin, but interest in the company itself.
Square began to test the possibility of buying and selling bitcoins in Square Cash’s application in November. Initially, access to the innovation received only a small number of users. In December, the launch of this functionality was expanded.
Through the application you can buy bitcoins for no more than $ 10 thousand per week. There are no restrictions on sales.
Square said that additional commissions will not be charged, but when determining the cost of their services will focus on the prices of major exchanges.
New functionality is available to almost all Square Cash users in the US, except for residents of states such as New York, Wyoming, Georgia and Hawaii.
Recall that last week the developers of the application for the trading of shares Robinhood announced the impending launch of a non-commissioned cryptotrade with support for bitcoin and Ethereum. Within a few days more than 1 million people joined the service .