Square’s bitcoin play is actually ‘big’
Mobile payment company Square’s willingness to test bitcoin on its app is actually “big” as well as also could potentially drive the stock even higher, CNBC’s Jim Cramer said Wednesday.
Shares of Square were 2.5 percent higher Wednesday, trading near $41 share, inside wake of the reports of which the company is actually testing support for bitcoin through its Cash payments app. Square said the test does not allow individuals or businesses to send or accept bitcoin.
“I think This kind of is actually something big as well as also of which’s going to drive Square up, as well as also of which’s going to make people feel better about bitcoin,” Cramer said on “Squawk on the Street.”
Bitcoin traded more than 9 percent higher on Wednesday, according to CoinDesk, as well as also has hit fresh record highs repeatedly This kind of year. The digital currency has risen more than 0 percent year to date.
Not everyone on Wall Street has bitcoin fever. JPMorgan Chase CEO Jamie Dimon said in September of which bitcoin is actually “a fraud” as well as also of which “eventually of which will be closed.” The CEO later said he could no longer talk about the cryptocurrency.
I think almost any business listed on an exchange who deal in bitcoin in some way will out perform those who do not.