A survey of a total of 100 U.S merchants that work with Square Inc.’s payment technology, stated that most of them were ready to accept Bitcoin payments. The survey was hosted by Nomura Instinet, which stated that sixty percent of the traders, earning a minimum of $100,000 were ready to accept Bitcoin payments.
By the first month of 2018, the CEO of Square Inc., Mr Jack Dorsey declared the operation of Bitcoin with it’s “cash app”. Mr Dorsey is also the Chief Executive Officer of Twitter and a Bitcoin fanatic himself. He has been eager about the cryptocurrency Industry and has never left a chance to show how enthusiastic he is about it. As a result of the new launch by Dorsey, the Nomura Instinet held the survey which resulted in 60% Square Merchants’ interest in accepting BTC over dollar.
“This result is surprising, especially amid bitcoin’s elevated volatility,” Nomura Instinet official, Mr Dan Dolev said.
After including the Crypto functions, the Square’s Share values has risen by 49%. The study revealed that the age group between 31-40 were the most represented and most interested in digital currency payments.
“Like Amazon in its early days, we believe that little of Square’s future revenue streams are currently visible”, added Dolev.
Mr Dolev also said that 7 million plus traders have downloaded the Cash App and are making use of it. About 95% of these merchants have rated the app excellent and good and the rest of the reviews are mostly average.
Dolev considers this to be a significant achievement and is immensely satisfied with the success. Any person can install the app in seconds and set it up accordingly. Sending P2P payments, storing the money, receiving, buying and selling Bitcoins are it’s features.
After Square decided to begin with the Bitcoin initiative, the company has been flourishing and progressing towards becoming a global phenomenon.