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Saturday, May 21, 2022

Why Jon Najarian Prefers Square Over PayPal, Expects Ethereum To Flip Bitcoin This Year – Square (SQ)

After offering the ability to trade crypto last year, PayPal Holdings Inc (NASDAQ:PYPL) is exploring ways to let users trade individual stocks, according to reports. 

Market Rebellion co-founder Jon Najarian decided to sell PayPal on this news and add to his position in Square Inc (NYSE:SQ), he revealed Friday on CNBC. 

He doesn’t think the exploration of brokerage services is a bad move, but he likes that Square is more focused on digital assets such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). 

At current levels, Najarian said he really likes Square stock. 

With Bitcoin trading above $50,000 again there is increasing interest in crypto-related stocks, he said. He expects the miners and other stocks associated with crypto to continue to trend higher for the rest of the year.

“We certainly are set up to do very well over the next three or four months,” he noted.

Najarian’s Ethereum Call: Ethereum broke above the $4,000 level today.

Najarian told CNBC that he prefers Ethereum over Bitcoin right now. “I think it tops Bitcoin in the short-term for market cap.”

Related Link: This Investment Strategist Says He May Sell All His Bitcoin To Go All-In On Ethereum: Here’s Why

Ethereum’s market cap is going to exceed Bitcoin’s market cap this year, he said, adding that the crypto is “on fire.” However, Najarian expects Bitcoin to retake the top market cap spot in the crypto space following the next halving.

Bitcoin’s market cap was about $950 billion, while Ethereum’s market cap was about $466 billion at publication time. 

Photo: Courtesy of Square and Stock Catalog from Flickr.

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