Square stands to gain whether bitcoin surges or drops, Mizuho says

Square (SQ) stock rises 1.7% in premarket trading after Mizuho analyst Dan Dolev calls rising bitcoin a boon to Square's revenue.If bitcoin climbs to $100K by the end of '21, SQ bitcoin gross profit could grow nine-fold.Even if bitcoin falls to $10K, SQ's bitcoin gross profit may still double due to a growing user base and higher engagement, the Dolev says.In the past year, bitcoin has risen more than four-fold, with most of that in the past six months.See Square total return in the past year vs. S&P 500, bitcoin (purple), rival PayPal (green):Taking the contrarian view, Mott Capital Management says Square's bitcoin gains aren't as impressive as they seem.