The famous financial company Square had very good news this week. Its stock soared on Tuesday reaching a new all-time high of $92.28 dollars. That means just in 2018, the company registered 158% gains on its share price. What part has the company’s involvement with crypto had to do with that big rise?
Square’s Stock Soar After Crypto Integration
Square is expanding in many different ways. This time, it has signed a partnership with eBay in order to offer loans to small businesses. Additionally, it will be providing a mobile application related to virtual currencies.
The company is located in San Francisco and it has integrated Bitcoin (BTC) buying and selling on its Cash app back in January. With the application, users are able to transfer money in a very easy way. With it, investors from all the 50 states of the US are able to buy and sell BTC.
Square has been created by Jack Dorsey, the co-founder, and CEO of Twitter. He is a very strong supporter of virtual currencies and Bitcoin. He commented in the past that he expects Bitcoin to become the world’s single currency in over 10 years.
About it he commented:
“The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin.”
Then he said that it would probably happen in around ten years, but that it could also happen before. In just ten years, Bitcoin was able to reach $20,000 dollars and expand all over the world. Companies and other institutions are using and investing in it as never before.
Dorsey has also backed Lightning Labs, one of the companies behind the development of the Lightning Network (LN). The LN is the most awaited Bitcoin scaling solution. It is an off-chain payment protocol that would help Bitcoin scale to million transactions per second at almost no fee.
Square has also been growing very fast in the last 12 months. The stock is up an incredible 228% in just 12 months. Compared to August 1st, the stock is now worth 34% more.
The application is a peer-to-peer money app that has registered better performance than other financial apps such as Venmo.
For the future, Square has to implement a way for people to spend virtual currencies in an easy way. Mr. Dorsey explained that they will do ‘whatever it takes to get there.’
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.