Square buys 4,709 Bitcoins, worth about $50 million USD!

in GEMS2 months ago

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MSTR let the genie out of the bottle, and now it's spreading...

The CEO of MSTR made headlines a few weeks back when he announced his company had invested roughly $425 million into bitcoin.

This from a company that previously had little to no ties to bitcoin or cryptocurrency.

The announcement was for the company to put much of their treasury into bitcoin due to their belief it would outperform many other assets, especially cash, over the coming years.

Then, in news out this morning, Jack Dorsey did something that shouldn't really come as a surprise for many...

In fact, I predicted this very thing a couple weeks back:

https://hive.blog/hive-167922/@jrcornel/jack-dorsey-just-got-the-blueprint-on-how-to-get-usd425-million-into-btc-without-moving-the-price

Not to say I told you so, but... :)

Today, Square announced that they had invested $50 million into bitcoin, a number that represents roughly 1% of their total assets.

Check it out:

https://www.cnbc.com/2020/10/08/square-buys-50-million-in-bitcoin-says-cryptocurrency-aligns-with-companys-purpose.html

Specifically saying:

“Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company’s purpose,”

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The virus is spreading...

I'm not talking about the coronavirus, though that is spreading as well.

Several companies are starting to use their cash reserves to buy up bitcoin.

A move that I wasn't expecting at all when I was deducing who might be interested in buying bitcoin as we move forward.

Family offices, sure.

Mutual funds, possibly.

Private Equity Funds, you bet.

Other financial institutions, absolutely.

Fortune 500 companies, nope wasn't factoring them in at all...

Given this new group of bitcoin investors that I hadn't originally been factoring in, if bitcoin doesn't hit $100k within the next several years I will be absolutely shocked.

Stay informed my friends.

Image Source:

https://hive.blog/hive-167922/@jrcornel/jack-dorsey-just-got-the-blueprint-on-how-to-get-usd425-million-into-btc-without-moving-the-price

-Doc