Square, one of the biggest Point of Sale companies, announced November 15 that it was testing its support for bitcoin through its cash payments app. According to one Credit Suisse analyst, the move to adopt the cryptocurrency could net the firm $30 million over the next couple of years.
Soon after the announcement, on November 20, the company’s shares rose three percent which could be a display of strong confidence on the part of investors’ in bitcoin.
Sarah Friar, Square CFO, told CNBC in a recent interview that the company was experimenting with bitcoin. It seems that the company believes that a lot of its customers would be in favor of adding bitcoin as a payment option onto the Square platform. According to Friar, the customers were asking for a tool that would allow them to buy and sell bitcoin easily.
When asked about bitcoin Friar said:
“I don’t think we know yet what it is going to be, but I think it absolutely as an innovator, Square has to be there to let our customers do what they want to do.”
After the report, Credit Suisse immediately predicted that the company would be able to generate $30 million in annual sales from bitcoin in around two years. Square can add tens of millions of dollars of annual revenue by supporting bitcoin and Credit Suisse has raised its price target for Square shares because of its experience in the industry and the new opportunity in the digital currency market…