HUGE BITCOIN & SQUARE NEWS
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Today we discuss the huge Bitcoin and Square news. Enjoy!
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Holy smokers guys we got some huge news today in regards to square stock and in regards to Bitcoin and then possibly coming together and making some moves together here guys. So square stock is a stock I get asked about so much guys because this is one of the hottest stocks in the entire market, okay, this this company that they do a few different things, but their main business is basically payment processing.
So if you go to your Starbucks you are they’re going to be using square systems, they’re square registers, a lot of small businesses use actually square software for my real estate marketing company I use square so basically, picture I’m out on the job a customer wants to pay me a realtor wants to pay me for pictures or videos or whatever I’m doing for them right?
I just swipe their card right on my phone or I enter in the numbers and it goes right through and it goes into my bank account right away and square makes a little payment fee off of that guys and that’s basically how square makes the majority of their money right Bitcoin As you may or may not know is the world’s biggest cryptocurrency.
Alright, so that’s been about as hot as hot gets now with Bitcoin in cryptocurrencies in general, but Bitcoin is the main one here, let’s not fool ourselves, right? The main part of Bitcoin becoming a wider spread adoption type thing, and more and more people being interested in possibly investing in Bitcoin, those kinds of things, because it has to be even more legit.
Okay, so what does that mean? That means more and more companies using Bitcoin, accepting Bitcoin, allowing Bitcoin to trade on their platforms, things like that, guys, because when when the big companies start to back something, right, then it becomes a safer play, I guess you could say at that point, because people feel like well, this big CEO of this company, he he’s over here he’s allowing this to go through so therefore.
I you know, why am I think this is a scam or anything like that, or this isn’t going to work out? So that’s kind of the whole big thing with Bitcoin is it’s got to be more legit as far as people adopting it in in big companies using it and whatnot. So we see here today square has made a big move here.
So jack Dorsey’s company is testing support for Bitcoin through its cash payments app works, and this is quote from him, we’re exploring how square can make this experience faster and easier and have rolled out this feature to a small number of cash app customers from square spokes person said via email to CNBC, we believe cryptocurrency can greatly impact the ability to individuals to participate in the global financial system.
And we’re excited to learn more here, the test does not allow individuals or businesses to send or accept Bitcoin. Okay, guys, so that’s an interesting point there that the square person brings up that you know, Bitcoin is attracting new people into the the financial system and kind of getting involved with investing and kind of paying attention to stuff.
And I do certainly agree with that. And that’s one of the reasons I want Bitcoin to succeed. You know, although I’m not buying Bitcoin, personally, I want to succeed just because if let’s say Bitcoin and cryptocurrencies they fail, and people lose massive amounts of money, there’s going to be massive amounts of kids out there.
And when I say kids, I just mean younger people in general, right, that are going to get nailed on that right. And then what happens at that point, the majority of them will never invest or on their own again, they’ll not be interested in that because most people out there are not meant to take a lot of a big loss, right?
Most people out there are just meant to try to make money and bitcoins, attracting an insane amount of people because it’s easy money right now like like the amount we’re gonna look at Bitcoin, how much has gone up just in the past year? It’s such easy money that’s attracting everybody because everybody wants to make easy money, right?
If it’s so easy, let’s just all make a bunch of easy money right? So I want Bitcoin to succeed I want kryptos to succeed, but specifically Bitcoin just because I don’t want to see everybody wiped out and then we lose a huge segment of the population that will never invest again because they got wiped out and Bitcoin they’re just gonna look at everything with a negative light.
That’s a scam that’s a scam because most people that they they’re not built to take losses like that they’re not built to come back. So if we look here, this is from a Credit Suisse analyst. We believe it could play square in early mover position as mainstream FinTech companies providing cryptocurrency services credit Credit Suisse analyst Paul conjur, and whatever that other person’s name wrote on Wednesday.
Squares well positioned to enable crypto transactions at the physical point of sale Alright guys, so if we looked here, well, actually let’s read this buying and selling Bitcoin has become big business Coinbase. The leading us platform for such services has 12 point 5 million users and says on its website in exchange more than $40 billion worth of digital currency.
That means Bitcoin or excuse me, coin bases user base, or user growth has more than doubled from 5.5 million in January, according to an analysis of public data compiled by le star Millie, co founder and chief executive Investment Officer. They’re so unreal there guys.
If we look at the Coinbase users, it’s just gone up dramatically over the last few years and And then if we look at bitcoin price today on this news, it jumped up greatly, pretty much on the back of the square news, in my opinion to jumped almost 10%, it was over a little under 66 6600. And then it’s over 7200 for part of the day today.
So if we look on the one year and the one year chart here, this time last year, Bitcoin was a $749. Now it’s well over $7,000, guys, we’re talking about almost a tenfold. Now, if we look at square stock here, square stock, just in the past 10 days, our students the past five days has jumped 10%. And then if we look year to date, he’s jumped almost 200% year to date.
Okay. And square is one of those companies that you know, I was almost going to invest in it and I didn’t and I just regret it because it was in the this was like a year and a half ago Square was a single digit stock, it was like $8 a share or something like that eight or $9 a share looked in the company.
And because I was using it for my business, that’s what sparked the idea for me to look into it. And I didn’t mainly because of Twitter, Twitter, is this a stock that’s dropped over 50% here, since they came public? Right? Twitter was a company led by who jack Dorsey the same guy that leads square.
So for that reason I was very skeptical is something I like to you know, look at his house, a management team done as a public company. And when I looked into this company, and I saw what jack Dorsey had did with Twitter, they just was not impressive at all. I mean, your since you came public, your stocks down 51% that’s obviously very bad.
And so that kind of scared me away a lot from square because I was like, maybe this is just gonna be another Twitter situation, he’s gonna fumble the ball, but he’s actually done a very good job with square. If we look at this company’s got a forward p e of almost 90. And for that reason, I can’t touch this company because you guys know.
I love growth in squares, certainly a growth company but at a 90 p E. That’s like against my religion, man, that’s just too much as too much, too. And of course, they’re not even profitable this past year, but a 90 p on a four basis session is way too much for me to pay guys.
But at the same time this is could become a story company where it has a lot of different things going for it right? If it has the payment system, and then has a lot of cloud services. And then it has this Bitcoin it becomes kind of like a story play I like to call it which is kind of like an Nvidia, you know, if you think about Nvidia stock and why Nvidia stock has done so phenomenal.
It’s because they’ve gotten pretty good results, you know, a quarter after quarter for the last three years. But also on top of that they got a lot of stories around it. It’s like well, they got gaming over here. But then they got you know, this huge Davis data center business there.
They’re selling into and they got artificial intelligence they got going on and driverless cars and all these things. And so Nvidia is like a story stock. It’s not just that they’re there, they have good results right now it’s that they got the story of why they’re going to succeed even more in the future.
Maybe squares kind of turning into one of those kinds of stocks there which is which is an interesting play for some of you guys that are a little like to take a little bigger risk and things like that, guys, but let me know in the comment section what you think about all this is it Yeah.
I mean, I I can’t look at this and say it’s anything but good news for Bitcoin, specifically, other cryptocurrencies? I’m not sure it’s good news for because Bitcoin seems it seems to just be the one that people are kind of going toward, and, you know, so will it be good for these other cryptocurrencies that you know, are coming out of nowhere?
I’m not convinced about that, but it certainly is good news for Bitcoin. I would love to hear your guy’s opinion on that in the comment section. Are you thinking about buying square stock, have you bought square stock, I would love to hear from you guys. Hit a thumbs up if you enjoyed today. Thank you for watching, guys and have a great day.