Why You Should Buy Block Stock (And It's Not Bitcoin)
The name change of Square to Block (NYSE: SQ) dramatically changed the narrative for the company. Once viewed as a pure fintech stock, it has pivoted to music streaming with Tidal and built a cryptocurrency ecosystem that makes it seem more like a conglomerate.
Consequently, Block's performance has become more closely aligned with that of Bitcoin (CRYPTO: BTC), reinforcing perceptions that it is a different enterprise. Nonetheless, a closer look at the company indicates that Block remains primarily Square and Cash App, and, at least for now, investors have little reason to consider its other ventures while evaluating the stock.
The state of Block stock has changed dramatically in a year. Last September, Block (still known as Square at the time) sold for more than $250 per share. Moreover, Jack Dorsey managed both Block and Twitter, and Bitcoin was in a bull market.
Source Fool.com
