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Technology Stocks : Block, Inc. (formerly Square)

SQ 74.30

-2.2%

Nov 3 3:59 PM EST

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From: AmigaComputer	6/26/2019 10:40:26 AM
	of 66

Facebook's Libra cryptocurrency is birthed but Square is still absent from the list of Libra Association inaugural members. Jack Dorsey, Square CEO, has always had nothing but praise for cryptocurrency, mentioning that it would help boost financial inclusiveness. So it seems strange to me that Square still has not warmed to this new coin yet especially considering how Square's Bitcoin revenue was $34.1 million in Q1 2018 and is now $66 million Q1 2019. A two-fold increase year over year! This new cryptocurrency currently has nearly 30 companies (e.g., Mastercard, Visa, PayPal, eBay, Uber, Spotify) backing it, with high hopes of hitting 70 by year-end, which should help stabilize it's valuation compared to the wild west violent valuation swings that is rampant among the rest of the cryptocurrency field. I can only guess that Square is hesitant because it could give Facebook more power and a potential jumping platform to barge into Square's market entirely.

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