Square Inc. may be next to share in bitcoin's mindboggling gains.
The payments company is letting some users of its Square Cash app purchase bitcoin. Square Cash lets customers store money and send peer-to-peer payments without having to connect to a bank account. It recently rolled out a physical card to let consumers keep cash on its platform and spend directly from Square Cash.
"Given Square's tendency to move judiciously into new technologies, we expect it will do the same with bitcoin purchases," Credit Suisse AG analyst Paul Condra wrote in a note to clients Wednesday. "The upside could be significant if cryptocurrencies become more mainstream."
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