Square has a large untapped opportunity to offer cryptocurrency payment solutions for its customers, according to one Wall Street firm.
Nomura Instinet reiterated its buy rating on Square shares, citing merchants' willingness to accept bitcoin for store payments.
"Like Amazon in its early days, we believe that little of Square's future revenue streams are currently visible," analyst Dan Dolev wrote in a note to clients Wednesday entitled "SQ Survey: Merchants Say YES! To Bitcoin." The firm's survey "shows that 60% of the participating merchants (we note that we surveyed U.S. merchants only) would be willing to accept bitcoin in lieu of USD payment. This is particularly interesting given the volatility in bitcoin in recent months."