Square’s decision to incorporate Bitcoin payments into its app could be a real cash cow for the company according to Wall Street firm Credit Suisse. An analysis from the firm believes that a $30 mln revenue bump is completely possible in the next two years.
Square recently announced a rollout to a limited number of customers, using pooled wallets to allow Bitcoin payments without the current high fees. This news sent Bitcoin’s price tearing towards $7,000 about a week ago.
This high-level adoption from a major payment app is both a positive for Square, who are taking the plunge, but Credit Suisse see it as an even bigger win for the crypto-asset industry.
There have been some recent barriers that Bitcoin has broken, leading to new all-time highs almost daily. In terms of adoption, the other big news was that CME announced it would be offering Bitcoin futures soon.
Now, with a payment app like Square joining the party, aiming at streamlining Bitcoin’s possibility to be a functioning currency, there is further legitimacy being placed in Bitcoin especially among traditional companies and investors…