In a census of 100 U.S. retailers that are also Square clients, over half have said that they would accept bitcoin as payment. Square is a payment processing provider with a large, nuanced offering for point of sale.
Wallstreet resident Nomura’s Dovey said that:
“Undoubtedly, the success of the Cash App … is a significant
achievement. Currently, an individual can set up the app in minutes and send peer-to-peer payments, store money, receive their paycheck and buy and sell bitcoin.”
Dovey was referring to Square’s November 2017 project that allowed some beta users to purchase bitcoin via its Cash App, an app that enables users to send money to their friends. The company went on to say in January 2018 that is was making the option available to nearly all users.
Nomura Instinet confirmed its buy rating for Square shares, listing merchants’ openness to accepting bitcoin in-store. It is apparent to Nomura and other observers that Square has a large and yet untapped opportunity to extend cryptocurrency payment solutions to its clients, a prospect well met by the retailers survey results show. Dolev confirmed $64 as a price target for Square shares, which would be a 23.5 percent upside to Tuesday March 13, 2018’s close.
Some seven million people already use the company’s Cash payment app, allowing users to purchase bitcoin almost throughout America. In the survey, the 31-40 age group was the highest representation, with around 40 percent of respondents falling into that group. The respondents spanned a diverse range of industries, and all had a minimum of $100,000 in annual revenue.
Also, according to Yelp, only 28 restaurants in Greater New York City currently accept bitcoin.
However, the firm hinted there is a possibility that they are looking to acquire a BitLicense to operate in New York state; this regulatory requirement has in the past driven out many digital currency firms from the state.