Square started out as a simple way for small businesses to accept mobile payments, but it has since grown into a multibillion-dollar company.
The company used to be called Square, but it changed its name to Block as it moved into the blockchain market. And SQ has gone very far down the rabbit hole when it comes to blockchain.
The CEO of the company, Jack Dorsey, who used to run Twitter, is a well-known fan of blockchain. Owned by SQ is Cash App. It is a peer-to-peer mobile payment platform like Venmo. Users of the Cash App can send and receive bitcoin (BTC) through the app.
Block also runs a Bitcoin wallet and a Bitcoin mining system, and Spiral, which used to be called Square Crypto, is a company that builds and funds Bitcoin projects.
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In 2018, Block shocked the financial world by letting its customers buy and sell Bitcoin directly from their platform. Then, in 2021, Jack put $170 million, which is 3,318 coins, on Bitcoin. After March 2020, the stock price rose like a paraboloid, giving investors a return of over 700% in less than 18 months.
The move may have been made because Square is involved in eCommerce and because the sector had a lot of potential during the lockdowns. But the rocket fell just as fast as it went up. In less than a year, it lost nearly 80% of its value.
The stock is now just a little bit below its high before the pandemic, and if it doesn’t break above it, it could be stuck in a range between $50 and $85 if it doesn’t break above it.