Survey Says 60% of Square Merchants Are Willing to Accept Bitcoin


Survey Says 60% of Square Merchants Are Willing to Accept Bitcoin






According to a recent study of 100 U.S. based merchants that use Square Inc.’s payment technology  a good majority surveyed are open to taking bitcoin as a form of payment. Nomura Instinet surveyed merchants who made at least $100,000 in annual revenue and 60 percent said they would accept bitcoin instead of USD.

Also read: Bitcoin Futures Launch in the UK

Amid Bitcoin Volatility, 60% of Square Merchants Still Willing to Accept the Cryptocurrency

During the first month of 2018, the cryptocurrency proponent and Square CEO Jack Dorsey announced the integration of bitcoin with it’s ‘Cash App.’ Dorsey who is also the CEO of Twitter has been a bitcoin fan for quite some time and is very vocal about his cryptocurrency enthusiasm. Since Square launched the Cash App integration with bitcoin, a research survey was conducted by Nomura Instinet which showed that more than half of Square merchants who participated would take BTC rather than dollars.

“This result is surprising, especially amid bitcoin’s elevated volatility,” Nomura Instinet analyst Dan Dolev explained this week.

Survey Says 60% of Square Merchants Are Willing to Accept Bitcoin

Since Adding Cryptocurrency Features, Square’s Public Shares Rise by 49%

The research called “SQ Survey: Merchants Say YES! To Bitcoin” reveals that the highest represented age group in those surveyed and willing to accept the digital currency was 31-40. About 40 percent fall under that category, explains the researcher Dolev’s note to clients.

“Like Amazon in its early days, we believe that little of Square’s future revenue streams are currently visible,” the analyst Dolev details.

Survey Says 60% of Square Merchants Are Willing to Accept Bitcoin

The researcher also reveals that more than 7 million merchants are using the Square Cash App. Roughly 95 percent of the participants called the application “excellent” or “good” while the remainder said the app was “average.”

“Undoubtedly, the success of the Cash App is a significant achievement,” Dolev writes to clients.

Currently, an individual can set up the app in minutes and send peer-to-peer payments, store money, receive their paycheck and buy and sell bitcoin.

Since Square started the bitcoin initiative, the company’s public shares have been selling like hot cakes. Square’s digital currency initiative that started in February of this year has pushed Square’s stock up over 49 percent.

What do you think about the study with Square merchants and their willingness to accept bitcoin payments? Let us know in the comments below.


Images via Pixabay, Bloomberg, and Youtube. 


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Soon There Will Be More Bitcoin Investors Than Stock Traders in Indonesia


Soon There Will Be More Bitcoin Investors Than Stock Traders in Indonesia






Despite repeated warnings from the central bank of Indonesia about the supposed risks of cryptocurrency trading, everyday people keep turning to bitcoin in this highly populated Asian country. In fact, soon there will be more traders on just one crypto platform than there are on the local stock exchanges established over a 100 years before it.

Also Read: Coinbase Granted E-Money License by UK’s Financial Conduct Authority

Bitcoin Is More Popular Than Stocks

Soon There Will Be More Bitcoin Investors Than Stock Traders in IndonesiaThe Indonesia Digital Asset Exchange (Indodax), founded in 2014 as Bitcoin.co.id, has 1,147,430 members already on board, according to its website. That is just a bit shy of the Indonesia Stock Exchange, which opened in 1912, with only about 1.18 million registered participants according to data from the Indonesia Central Securities Depository. In fact, as the Indodax is the biggest in the country, but not the only venue to trade cryptocurrency for rupiah, it is possible that there are already more bitcoin investors than stock traders in Indonesia.

The Indodax is expected to have 1.5 million members by the end of the year, according to Chief Executive Officer Oscar Darmawan. “We are seeing almost 3,000 new members signing up everyday. Most people are trading in bitcoins though transactions in ethereum has increased significantly of late.” The cryptocurrency trading platform is targeting daily volume to double from an average 100 billion rupiah ($7.3 million) a day currently, Darmawan said.

Defying Bank Indonesia

Soon There Will Be More Bitcoin Investors Than Stock Traders in IndonesiaThe country’s central bank, Bank Indonesia, has in the past repeatedly issued warnings to the public regarding what it sees as the dangers of cryptocurrencies, although it has not gone as far as forcing closure of exchanges. Its crackdown has caused Indonesian bitcoin payment processors to cease operations and hurt local tourism businesses in the island of Bali. The latest figures show that there are a great deal of people willing to defy the central bank’s word among the country’s 261 million citizens.

And Indonesia is not the only emerging market known to see bitcoin trading becoming more popular than traditional securities. Earlier this year we reported that there are already more than twice as many people invested in bitcoin as those who trade stocks in Latin America’s largest economy, Brazil.

What can we learn from the fact that there are almost the same number of bitcoin investors and traditional stock traders in Indonesia? Share your thoughts in the comments section below!


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Following ICOs, SEC Subpoenas Cryptocurrency Hedge Funds


Following ICOs, SEC Subpoenas Cryptocurrency Hedge Funds






The SEC has reportedly summoned the managers of several cryptocurrency-focused hedge funds. This sector has been rapidly growing over the past year and the American regulators apparently want to make sure they have a handle on the situation and to ensure that funds are not going to fields they disapprove of such as ICOs.

Also Read: Coinbase Granted E-Money License by UK’s Financial Conduct Authority

SEC Enforcement

Following ICOs, SEC Subpoenas Cryptocurrency Hedge FundsThe US Securities and Exchange Commission (SEC) has sent requests for information as well as subpoenas to a number of cryptocurrency hedge funds recently. The regulators demanded to know how funds priced investments in cryptocurrencies and about their compliance with client money protection requirements, three sources who asked to remain anonymous told Bloomberg.

Some of the information requests were issued by the SEC Office of Compliance Inspections and Examinations, which can refer its findings to the agency’s enforcement unit if it finds any misconduct. In fact, a number of crypto hedge funds have already received subpoenas from the SEC’s Enforcement Division, which can penalize companies if it decides it is needed. “The SEC has taken a very deliberate approach in this space,” said Peter Van Valkenburgh, director of research at Coin Center, a Washington-based advocacy group. “I think they are just trying to get a handle on the large ecosystem.”

ICOs Are the Target or the Excuse?

Following ICOs, SEC Subpoenas Cryptocurrency Hedge FundsThe SEC has also requested to know if the hedge funds have properly disclosed any potential conflicts of interest, for example their managers having personal holdings in initial coin offerings (ICOs). And at least one of subpoenas for the hedge funds was specifically about its investment in an ICO. In another case, SEC enforcement attorneys interrogated investment banks about their dealings with token sales. The agency was also apparently concerned with companies using Simple Agreements for Future Tokens (SAFTs) to bypass ICO regulations.

ICOs have been in the sights of the SEC recently and they are supposedly to blame for the agency’s new-found interest in crypto hedge funds. A couple of weeks ago it was revealed that the SEC had issued scores of subpoenas against companies in the field.

Is the SEC trying to scare away more hedge funds from going into bitcoin trading with its latest actions? Share your thoughts in the comments section below!


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Do you like to research and read about Bitcoin technology? Check out Bitcoin.com’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.

Three South Korean Crypto Exchanges Raided for Diverting Funds


Three South Korean Crypto Exchanges Raided for Diverting Funds






South Korean prosecutors have searched the offices of three cryptocurrency exchanges suspected of buying bitcoin with money stolen from customers’ accounts. According to authorities, the companies turned up on the radar during investigations of dubious transfers in January. The raids have been conducted this week.

Also read: Growing Number of South Korean Crypto Exchanges Participate in Self-Regulation

Embezzled Funds Spent on Cryptos Elsewhere

South Korean law enforcement officials have raided three companies offering cryptocurrency exchange services, local media reported. The searches have been conducted this week after an earlier investigation into suspicious money transfers.

Three South Korean Crypto Exchanges Raided for Diverting FundsProsecutors are investigating three cryptocurrency trading platforms on suspicion of buying bitcoin with money they stole from their customers’ accounts, the Chosun Ilbo reported. The Seoul Southern District Prosecutors’ Office raided the exchanges from Monday through Wednesday, a spokesman said, quoted by the daily.

According to South Korean authorities, executives and staff are believed to have diverted funds from customers’ accounts towards their own. They were then used to buy cryptocurrencies on other exchanges. Investigators will also try to find out if the companies have raised money by defrauding potential investors.

“The firms turned up on our radar in January, during our investigation of suspicious money transfers between bitcoin exchanges”, a prosecutor explained. The transactions were detected during an audit by the Financial Services Commission and the Financial Intelligence Unit. Hard disks, transfer receipts, mobile phones, and accounting files have been confiscated during the raids.

Theft and Fraud amid Regulatory Pressures

South Korean authorities have been trying hard to put the local crypto sector under control. A new mechanism to end anonymous trading was implemented earlier this year. Its main purpose is to enforce real name identity verification on traders. The Financial Services Commission and the Korean Financial Intelligence Unit conducted inspections in leading commercial banks, targeting accounts of cryptocurrency traders. Banks had been ordered to stop issuing “virtual accounts” used by crypto exchanges to manage their clients’ money.

Three South Korean Crypto Exchanges Raided for Diverting FundsRegulating and overseeing crypto activities has proved a tough task, however. Korean officials have complained about their limited powers within the existing legal framework. Nevertheless, Seoul authorities have announced stricter requirements for cryptocurrency exchanges, including measures against crypto-related crimes. The country is home to some of the largest providers of cryptocurrency exchange services in the world.

In January, the chairman of the South Korean Fair Trade Commission admitted it was “impossible in reality” to close cryptocurrency exchanges, as news.Bitcoin.com reported. His comments came during an investigation of 13 major trading platforms, following alleged violations of the e-commerce law. At the same time, the local crypto sector has taken steps towards self-regulation. At least 25 crypto exchanges are participating in the efforts lead by the Korean Blockchain Association.

Do you think tougher crypto regulations would minimize fraud or self-regulation is a more effective approach in the crypto sector? Tell us in the comments section below.


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