The stock, which is up a blistering 62% over the last three months and 196% in 2017, rose another 2% Wednesday after the company confirmed a pilot program for buying and selling bitcoin using its Square Cash app.
For certain users who can access the pilot, a simple swipe will allow them to make purchases of bitcoin. "I think this is something big and it's going to drive Square up," TheStreet's Jim Cramer said on CNBC's "Mad Dash" segment. However, users will not have the ability to send bitcoin to others via the Square Cash app. At least not yet.
But don't think that Square is just taking a stab at a wild trend. Cramer pointed out that Sarah Friar is an excellent CFO, while the incredibly transparent David Viniar, the former Goldman Sachs CFO, also serves on Square's board. Mary Meeker, one of the greatest thinkers in tech, is also on the board, he explained.
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This attitude goes directly against what JPMorgan (JPM) - Get JPMorgan Chase & Co. (JPM) Report CEO Jamie Dimon expressed earlier this year, calling bitcoin a fraud. Bitcoin futures are coming to the CME Group (CME) - Get CME Group Inc. Class A Report soon too, Cramer pointed out.
The news from Square is "going to make people feel better about bitcoin," Cramer added. With bitcoin prices up 9.5% on the day, it looks like that's the case.
Square stock ended the day higher by 2.32% at $40.66. The stock hit a new 52-week and all-time high of $41.80 in the session.
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