Equity research analysts from Mizuho believe that Jack Dorsey’s payments firm Block Inc (NASDAQ: SQ) should downplay its association with Bitcoin (CRYPTO: BTC).
What Happened: In a note seen by Benzinga on Thursday, Mizuho analyst Dan Dolev called Block’s “over-association” with Bitcoin a shame.
See Also: HOW TO BUY BITCOIN (BTC)
“Tagging SQ as a ‘crypto stock’ has prevented the stock from benefiting from strengthening fundamentals, including accelerating GP dollars ex-Bitcoin across both Cash App and Seller ecosystems,” stated Dolev.
In his view, Bitcoin does more harm than help and painfully reduced Square’s potential upside.
The Mizuho analyst noted that Bitcoin accounts …
Full story available on Benzinga.com