Jack Dorsey’s decision to support bitcoin trading in the Square Cash app is paying off. Payments platform Square Inc, of which Dorsey is at the helm, got a boost on Wednesday after Wall Street analysts said BTC trading would bolster the company’s quarterly results. The app lets customers trade BTC from their Cash App balance almost instantaneously, which is an attractive feature for traders.
According to CNBC, Nomura Instinet expects Square could experience a “sizeable boost” to its top-line and bottom-line results in the current quarter, which the company reports on May 2. Nomura Instinet analyst Dan Dolev also said in a note to clients that Square could lift its adjusted EBITDA guidance as a result of the bitcoin effect by a possible 10% to the upside.