>> Bitcoin getting another boost on Wednesday, after Jack Dorsey's payment company, Square, said it's allowing select customers to buy and sell the cryptocurrency directly on its Cash app. The news pushed Square stock to a record high, while Bitcoin surged more than 8%. A Square spokesperson said, quote, We're always listening to our customers and we've found that they are interested in using the Cash app to buy bitcoin.
Jack Dorsey, who also runs Twitter, has spoken publicly about the benefits of cryptocurrency, but had not said Square was going to test Bitcoin's support. Traditional investors still view Bitcoin as a shady, highly speculative market, with a potential to collapse. The currency's legitimacy has often been called into question, because of its association with Silk Road, an online black market for illegal drugs.
JP Morgan Chase CEO, Jamie Dimon, has called it a fraud. But that hasn't deterred investors who continue to buy bitcoins, and US exchange operators want in on the action. CME Group, the world's largest derivatives exchange operator, said last month it will launch a futures contract for Bitcoin later this year.
It's rival Cboe Global Markets is awaiting regulatory approval for a Bitcoin exchange traded fund. And several major financial firms will soon start to offer Bitcoin or similar products as an investment option.