Market Overview

Cramer's Takeaway From The Square-Bitcoin Union

Cramer's Takeaway From The Square-Bitcoin Union

Shares of Square Inc (NYSE: SQ) hit a new all-time high of $41.80 Wednesday after TechCrunch reported that Square's platform is testing support for bitcoin with a small number of users.

What You Need To Know

Square confirmed the pilot program, but the biggest takeaway from can be found in the company's board of directors, CNBC's Jim Cramer said during his daily "Mad Dash" segment Tuesday.

For instance, Square board member David Viniar, a former Goldman Sachs CFO, is among one of the most "transparent" executives in corporate America and is likely saying "bitcoin lives," Cramer said. Mary Meeker, a partner at powerhouse private venture capital firm Kleiner Perkins, is "one of the greatest thinkers on tech" who is likely also saying "bitcoin lives."

Why It's Important

"These are people who — unlike Jamie Dimon — are saying 'Square is willing to go bitcoin,'" Cramer said. "And I think this is something big and it's going to drive Square up and going to make people feel better about bitcoin."

What's Next?

Square's decision is "seminal" because of "Viniar, because of Friar [Sarah Friar, Square's CFO], because of Meeker," Cramer said. The executives are essentially "endorsing bitcoin — this is big."

Related Links:

Do You Use Square Cash? You Might Be Able To Buy And Sell Bitcoin

How Wall Street's Head Honchos Feel About Cryptocurrency

Photo courtesy of Square. 

Posted-In: Bitcoin David Viniar Jim Cramer Mary Meeker Sarah Friar techcrunch Jim CramerMedia Best of Benzinga


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