Mogo (MOGO) Stock: Banking On Bitcoin Access As COVID-19 Slams Cash

I’ve mentioned in previous articles that I believe Mogo Inc (NASDAQ: MOGO) is the Square Inc (NYSE: SQ) Cash App of Canada, and has the potential to see similar tremendous growth ahead. 

Recent news surrounding the shortages of cash and coins associated with COVID-10, not just in Canada, but in the United States, have led to a push for the use of digital currency. Although most are moving to debit cards, many investors believe that this bodes well for the cryptocurrency space, outlining the need for a decentralized currency system. 

Mogo is at the top of the list when it comes to beneficiaries from this trend as members of the Mogo App have the ability to purchase Bitcoin with incredibly low transaction fees. Not only is Mogo the only publicly traded company in Canada that offers consumers a way to buy and sell bitcoin, it does so at an incredibly competitive rate. 

While the industry standard transaction fee is 1.5%, and the Square Cash App charges 1.75%, Bitcoin transaction fees on the Mogo app are just 1%, making the cryptocurrency more accessible than ever before. 

The Need For Cryptocurrency Is More Clear Than Ever

Prior to cryptocurrency, the only anonymous form of payment was cash. However, carrying around large amounts of cash can be quite dangerous, as is the case with sending large amounts of cash. 

Read more at Alpha Stock News!

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