Shares of Square Inc. are up 1.3% in premarket trading Wednesday after an analyst at Instinet cited high merchant willingness to accept Bitcoin as a form of payment. According to Instinet’s recent survey of Square merchants, 60% said they would be willing to accept Bitcoin, a finding that Instinet analyst Dan Dolev wrote was “surprising, especially amid Bitcoin’s elevated volatility.” The survey also found broad satisfaction for Square’s services among merchants, with 38% rating Square as excellent and 58% rating it as good. “Like Amazon.com Inc. in its early days, we believe that little of Square’s future revenue streams are currently visible,” Dolev wrote. He has a buy rating and a $64 price target on shares, the highest among Wall Street analysts covering the stock, according to FactSet. Square shares are up 209% over the past 12 months,w hile the S&P 500 has gained 17%.
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