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