FILE PHOTO: Representations of virtual currency Bitcoin are seen in this picture illustration taken Reuters Square's crypto business could generate gross profits of $1 billion if bitcoin soars to $100,000, according to a Thursday note from Mizuho Securities.But even if bitcoin falls from its current record levels, user engagement with Square's Cash App to buy and sell bitcoin should continue to boost profits for Square.Mizuho reiterated its Buy rating on Square and $300 price target, representing potential upside of 32% from Wednesday's close.Visit Business Insider's homepage for more stories. The record surge in the price of bitcoin is "a boon" for Square's revenue and gross profits as it leads to increased user engagement among its Cash App users that buy and sell the cryptocurrency, Mizuho Securities said in a note on Thursday. If bitcoin manages to jump to the $100,000 level by the end of 2021, Square's gross profit tied to the Cash App's crypto unit "could drive a 9x increase in Bitcoin GP [gross profit] to slightly over $1 billion," the note said. Square generated an estimated $110 million in gross profits tied to its bitcoin business last year, according to Mizuho. Bitcoin traded above $39,000 for the first time ever on Thursday, ...read more...