$44 billion company’s CEO makes a stand for Bitcoin in letter to shareholders

Block Inc. (NYSE: SQ), Square’s and Cash App’s parent company, and valued at $44 billion has raised its earnings forecast for the year and unveiled significant plans to expand its Bitcoin (BTC) holdings. The announcement led to a 7.9% surge in Block’s shares in post-market trading.

In a letter to shareholders, CEO Jack Dorsey stressed the importance of an “open protocol for money“ aligning with broader movements towards cryptocurrency acceptance.

“We believe the world needs an open protocol for money, one that’s not owned or controlled by any single entity,” Dorsey said in the note.

SQ Analyst ratings. Source. tipranks

The investment community has expressed mixed views on Block’s financial outlook. According to 30 Wall Street analysts providing 12-month price targets in the last three months, the average price target stands at $90.42, with a high forecast of $100.00 and a low of $62.00.

This range indicates a potential upside of 26.80% from the current share price of $71.31. These projections reflect varying degrees of confidence in Block’s strategic direction and its potential impact on the company’s future profitability and market position.

As Block continues to innovate and expand its financial products, the strategic emphasis on Bitcoin could not only redefine its growth trajectory but also influence broader market trends in digital currency and financial technology.

This bold move could very well shape the future landscape of how technology giants engage with cryptocurrency, marking a pivotal moment in Block’s history.

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