Square users say they want to accept Bitcoin
Over half of merchants that use Square Inc.’s payments processing technology say they want to accept Bitcoin, according to a new survey.
The study found that the majority of the company’s retailers are keen to take cryptocurrencies as a form of payment.
Nomura Instinet’s research found that 60 percent would accept Bitcoin instead of dollars
The survey questioned around 100 US-based merchants, spanning various industries, with each generating at least $100,000 of annual revenue.
The majority of the retailers that took part fell into the 31-40 age group, with around 40 percent of respondents falling into this category.
Nomura Instinet analyst Dan Dolev described the results as “surprising” in a report Wednesday, saying:
“This result is surprising, especially amid Bitcoin’s elevated volatility.”
Square’s stock values surge over Bitcoin introduction news
Despite slipping prices for cryptocurrencies this week, Square’s stock value skyrocketed following news it would introduce Bitcoin payments for retailers.
Many have been skeptical that Bitcoin can succeed as a legitimate form of payment due to high fees, slow transaction times and extreme volatility.
More recently it’s been touted as more of a way to store value, in a similar way to gold, rather than an everyday currency.
Although the network has become more efficient in recent months, finding retailers to accept digital currencies for payments has been tough.
In the New York City area, only 28 restaurants have adopted Bitcoin payments, according to Yelp.
Square introduced an option for some of its customers to buy Bitcoin through the company’s Cash App, which allows users send money to friends.
The company announced in January that it would roll out this new feature for all of its users.
Speaking at the firm’s fourth-quarter earnings call in February, Square’s Chief Executive Officer, Jack Dorsey said:
“Bitcoin, for us, is not stopping at buying and selling.”
“We do believe that this is a transformational technology for our industry and we want to learn as quickly as possible.”