Sirlibz
Square Inc, an American Financial Services, Merchant service aggregator and mobile payment company Co-founded by Jack Dorsey, the current CEO of twitter. The company had announced that it purchased approximately 4,709 Bitcoins amounting to $50million. The investment comes after Micro-strategy, a business firm worth $1.2 billions invested $250 million for a total amount of 21,454 BTC.
Square’s investment in Bitcoin represents one percent of Square’s total assets and it also indicates their belief that “Crypto currency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system”.
“We believe that bitcoin has the potential to be a more ubiquitous currency in the future,” said Square’s Chief Financial Officer, Amrita Ahuja. “As it grows in adoption, we intend to learn and participate in a disciplined way. For a company that is building products based on a more inclusive future, this investment is a step on that journey.”
Who’s Next
Since the release of this news, the crypto community has been wondering what company would be next to invest a percentage of its total assets into Bitcoin.
Barry Silbert, CEO of Digital Currency Group (DCG), a parent company to Grayscale tweeted that it seems they might be in a Bitcoin buying race between the 3 investors : Grayscale, MicroStrategy and of course Square Inc.
https://twitter.com/BarrySilbert/status/1314225215250067457?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1314225215250067457%7Ctwgr%5Eshare_3&ref_url=https%3A%2F%2Fjrnycrypto.com%2Fwp-admin%2Fpost.php%3Fpost%3D6420action%3Dedit
Grayscale Bitcoin Trust has been investing in Bitcoin and other top cryptocurrencies for a long time now, they even doubled their purchasing powers since the periodic halving of Bitcoin. In one analyst report, Grayscale is said to have invested an average of $29.9 million in Q1 of 2020.
With more institutional money flowing into Bitcoin and by extension Cryptocurrency, a bullish market is surely coming.
