SQ bought APT arguably just for the users, the short term loans slot into Cash App but the millions of users is the prize. SQ is trying to build a two sided network to disrupt banks, Visa and capture all the financial services value of its users. That is interesting, but the BTC revenue and push into crypto is just sad.
I hold Visa and MC, so you can probably guess my thinking on where SQ will end up. There just isn't a chance it gets to a big enough critical mass with other tech players trying to do similar and banks still in the mix. That fragmentation will probably underpin a need for the existing system to act as on and off ramps. Interesting times. SQ might end up a big player, but one of many.
