Square Stock Doesn't Need Bitcoin
Recently, Square (NYSE: SQ) has become known for its close connection with Bitcoin (CRYPTO: BTC). Not only has the company invested in the digital coin, but it also profits from it by letting its Cash App users buy and sell it. Even some analysts are starting to put weight on Square's cryptocurrency effort; a recent price target increase for the tech stock by KeyBanc analyst Josh Beck cited swelling interest in cryptocurrency as one of the key reasons for his optimism.
While it's true that Square's business does have a material connection to bitcoin now, it doesn't mean the company is reliant on it to succeed. In fact, it's arguable that Square's constant innovation makes a case of just the opposite: Square doesn't need bitcoin to reward investors over the long haul.
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Source Fool.com
