Square Buys 4,709 BTC ($50 Million), Predicts Mass Adoption for Bitcoin

Bitcoin cart microstrategy

Bitcoin cart microstrategy

Square's massive bitcoin purchase follows in the footsteps of several other companies and institutional players that have been adding bitcoin and cryptocurrencies to their portfolios.

"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 goal", the company said in a statement.

According to the news on Yahoo Finance, Square, Inc.

Jack Dorsey, the company's founder, has always been a crypto champion, predicting in 2018 that bitcoin would one day become the world's "single currency".

Armstrong aforementioned it absolutely was a company imperative; Dorsey framed it as insincere.

U.S. Senate confirms Trump's Supreme Court pick Barrett
White House chief of staff Mark Meadows also said that the swearing-in will be outdoors. Her response came as another indication that Democrat presidential candidate Joseph R.

Thursday's announcement also constitutes a further extension of Suare's interaction with Bitcoin. It made the purchase through the same liquidity provider that was part of Cash App's Bitcoin trading product.

As previously reported by BTCManager, Bitcoin sales on the CashApp amounted to $875 million in Q2 2020. In an announcement published on its official website, the company said that the bitcoins were acquired at an aggregate purchase price of $50 million. The investment represents about one percent of Square's total assets by the end of the second quarter of 2020.

While details of the purchase still remain scarce, Square most likely employed the iceberg order technique to prevent their massive investment upsetting the current price action.

Characterized by Square as a mission-driven investment, Square's $50 million buy comes amid Dorsey's very public spat over corporate responsibility with another crypto-friendly CEO, Coinbase's Brian Armstrong.

Recommended News

  • Pfizer tops 3Q earnings views, makes progress on COVID shot

    Pfizer tops 3Q earnings views, makes progress on COVID shot

    It said that the data-monitoring board of scientists overseeing the trial has not conducted any interim efficacy analysis to date. He added that the company's contract with the USA government requires it to deliver a coronavirus vaccine by March.
    Netflix Is Making An Assassin’s Creed Show

    Netflix Is Making An Assassin’s Creed Show

    The video game series was earlier adapted into a film in 2016 with Michael Fassbender in the lead role. And now, through their deal with Netflix, they've got a whole Assassin's Creed multimedia universe.
    Google announces several new features for YouTube mobile experience

    Google announces several new features for YouTube mobile experience

    To make captions more accessible, we've moved the button to a more prominent location, directly on the video player on phones. It has expanded " Video Chapters " to allow users to see a complete list of all chapters included in the video being watched.
  • Cardi B Calls Out Racists Over Her Birkin Bag Collection

    Cardi B Calls Out Racists Over Her Birkin Bag Collection

    So don't ever feel like you gotta compare yourself. "Don't ever feel like you gotta go to Canal Street to keep up", she added. Cardi did not spare the rod with her explosive claims and was quoted saying, "I've been seeing this tweet right".
    Belarus opposition leads national strike against Lukashenko

    Belarus opposition leads national strike against Lukashenko

    Belarus President Alexander Lukashenko takes the oath of office during his inauguration ceremony in Minsk on September 23. Despite the huge demonstrations, the security forces and most of the government have remained loyal to Lukashenko.
    Orionids Meteor Shower Visible Over Connecticut Starting Tonight

    Orionids Meteor Shower Visible Over Connecticut Starting Tonight

    The meteor shower takes its name from its radiation, which is the point in the sky from which the streaks appear to emanate. If the skies aren't clear tonight, you'll still have a chance to see the meteor shower in the days after Wednesday's peak.
  • The clocks went back by an hour last night

    The clocks went back by an hour last night

    The practice had also been adopted by Germany ahead of the United Kingdom and was later adopted by many other European countries. THE clocks go back by one hour on Sunday, October 25, at 2am - that means the minute after 1.59am will be 1am again.
    Vaccine produces immune response - AstraZeneca

    Vaccine produces immune response - AstraZeneca

    AstraZeneca said that it was encouraging to see the immune responses were similar between both older and younger adults. In addition, he also said that billions of vaccine doses are already being produced at factories across the world.
    Phil Collins issues second warning to Donald Trump's campaign over song use

    Phil Collins issues second warning to Donald Trump's campaign over song use

    Collins is the latest in a long line of at least 20 artists to hit back at Trump for using their music at rallies. President and his team to stop playing his work at re-election campaign rallies ahead of the November 3 election.
  • Dallas Cowboys Coach Gets Hot Sauce in Eye, Ends Press Conference

    Dallas Cowboys Coach Gets Hot Sauce in Eye, Ends Press Conference

    The 61-year-old Nolan was away from the decision for a number of minutes and let everybody know he was OK upon returning. As if things haven't been going badly enough for the Dallas Cowboys defense, now they're dealing with burning eyes.
    IL  counties are at a warning level for COVID-19

    IL counties are at a warning level for COVID-19

    If the region continues to have a positivity rate above 8% for the next 14 days, further restrictions could be added to Region 4. A widely cited model from the University of Washington projects about 386,000 COVID-19 deaths by February 1.
    Asymptomatic Cases of Coronavirus Seem to Lose Antibodies Sooner, Study Finds

    Asymptomatic Cases of Coronavirus Seem to Lose Antibodies Sooner, Study Finds

    Researchers from Imperial College London screened 365,000 people over three rounds of testing between June and September . Hoyen said the study also "cements the fact that we're going to be in masks for a while".

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.