Square: Generate $30M in Annual Sales via BTC

TL;DR:

Square will generate $30 million in annual sales from bitcoin in two years a Credit Suisse analyst predicts. In a note to clients on Monday, Paul Condra wrote that Square could accumulate 10 million bitcoin buyers over two years based on Coinbase’s growth. If those 10 million users each spent $200 in bitcoin with merchants, who would charge a 1.5 percent fee, Square could generate the $30 million. Condra reiterated his neutral rating and increased his price target to $37 from $31 for Square shares, representing 16 percent downside to Friday’s close.

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