Square’s Bitcoin Investment Made $2 Million Over The Last 24 Hours

2020-10-10 20:00

Bitcoin price blasted back above $11,000 in response to yesterday’s news that the Jack Dorsey-led Square Inc. had purchased 4,709 BTC to add to company reserves.

Since the news broke about the payment firm’s innovative corporate investment – a growing trend now – the cryptocurrency has risen 4%, adding an enormous sum in ROI to Square’s holdings. Here’s what it could mean for the market, and if a domino effect is beginning with this latest development.

Square Inc. Invests In Bitcoin, Discloses Purchase Of Over 4700 BTC

Just like in the world of stocks, commodities, and more, when businesses make moves, the assets related to them respond. The response from Bitcoin recently thanks to one corporate giant’s interest in the cryptocurrency has been substantial. But there are also few companies that are as integral to the asset’s growth as Square Inc.

Payments mammoth Square is the parent company of Cash App, and its CEO is outspoken Bitcoin bull Jack Dorsey. Dorsey has several times in the past referenced the cryptocurrency becoming the internet’s currency eventually.

Related Reading | Bitcoin (BTC) Blasts Through $11,000 Following Bullish Triangle Breakout

Bitcoin itself has been positioned as everything from the next global reserve currency, to a store of value, safe haven asset, and an insurance policy against the unknown.

Dorsey’s Cash App began offering BTC purchases back at the end of the crypto bubble but has built itself a profitable business out of it over the years. Now, its Square’s own investments that are profitable.

BTCUSD Hourly Chart Square News FOMO Breakout | Source: TradingView Supply Shock Prompts Immediate FOMO, Holdings Earn $2 Million In 24 Hours

There will only ever be 21 million BTC to exist, and while 4709 may not seem like a sizable chunk taken out of that, it is only the second stone cast by tech corporations seeking to add the cryptocurrency into its reserves alongside cash.

The trend is due to cash losing its buying power, and tech pioneers are looking for new-age solutions to old world problems that have left the economy on the ropes.

Related Reading | Analyst: The Next Bitcoin Break Will Set The Stage For Weeks To Come

Bitcoin was designed to be the solution to these problems but is still very early on in its young lifecycle of just ten years. Only recently, have corporations like Square, MicroStrategy, and perhaps soon more, started looking at BTC to stave off inflation. It could ultimately become a widespread trend and one that brings the peak of the next bull run to incredible heights.

The initial reaction was enough to cause a 4% rally in Bitcoin, taking Square’s investment up $2 million over the last 24 hours, based on a $425 gain across 4,709 BTC bought.

As more follow this lead, daily gains like these may return to being the norm once again for Bitcoin.

Featured image from Deposit Photos, Charts from TradingView

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square bitcoin investment corporate innovative reserves broke

Источник: newsbtc.com

square bitcoin → Результатов: 126


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Square Buys Another $170 Million in Bitcoin, Initial Investment Up 376%

Square has made this Bitcoin investment public along with its Q4 2020 and full year 2020 results release. This is not the first BTC purchase made by Square. Its first tryst with Bitcoin was announced in October last year when it made a purchase of 4,709 BTC worth about $50 million at the time of … Continued The post Square Buys Another $170 Million in Bitcoin, Initial Investment Up 376% appeared first on BeInCrypto.

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Square’s Cash App Debuts Automatic Recurring Bitcoin Purchases

Automatic recurring Bitcoin (BTC) buying is now possible on Square’s Cash App via a new feature added to the platform. Tweeting on Monday, Square and Twitter CEO Jack Dorsey revealed that Cash App users can now set their Bitcoin buying frequency according to daily, weekly, or bi-weekly schedules with a $10 minimum across all three […] The post Square’s Cash App Debuts Automatic Recurring Bitcoin Purchases appeared first on BeInCrypto.

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Square Open Sources Subzero, an Enterprise Offline Bitcoin Wallet

Square, a financial services and mobile payment company, has open sourced the documentation, code, and tools for Subzero, an enterprise offline Bitcoin Wallet. According to Square’s blog published on October 23, 2018, Square recognized the importance of not only developing a safe and secure storage option for Bitcoin but the need to share code and work in progress as it.

2018-11-2 14:00


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Square’s Debut of Payment Terminal Triggers Fresh Bitcoin Acceptance Rumors

Consumer and merchant payment network Square Inc. unveiled a point-of-sale (PoS) terminal October 19 in a move which sparked excitement about possible Bitcoin integration. Bitcoin PoS Next For Square? Unveiled on social media and in an interview with tech outlet Nerdist, Square’s device is designed as a standalone solution for merchants wishing to accept card payments.

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Square Crypto Trading App Beats PayPal’s Venmo With 3x Growth

Square Cash, a cryptocurrency-enabled trading app, is growing three times faster than PayPal’s fiat-based Venmo, trading giant Nomura has revealed. ‘More Than Just A Bitcoin Play’ The company’s Square Cash app, which added cryptocurrency functionality in January, has defied Bitcoin price trends ever since, growing its user base despite overall Bitcoin market activity decreasing.

2018-7-13 20:00


Компания Square отказалась от заявки на регистрацию в качестве депозитарного банка

Достаточно дружественная к криптовалютам и биткойн компания Square отозвала заявку получение лицензии в качестве депозитарного банка. Сообщение Компания Square отказалась от заявки на регистрацию в качестве депозитарного банка появились сначала на Freedman.

2018-7-6 18:50


Hedge Fund Bullish on EOS and Ethereum, Bearish on Ripple and Litecoin

Austin-based cryptocurrency hedge fund Multicoin Capital is long Ethereum as well as EOS while short both Litecoin and Ripple’s XRP. Backed by Andreessen Horowitz’s Marc Andreessen and Union Square Venture’s Chris Dixon among others, the $75 million fund is defending its most significant position: EOS, a currency that raised $4 billion through an ICO last month […] Hedge Fund Bullish on EOS and Ethereum, Bearish on Ripple and Litecoin was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-7-3 01:24


Хедж-фонд Multicoin Capital делает упор на EOS и Ethereum

Крупный криртовалютный хедж-фонд Multicoin Capital, среди спонсоров которого Марк Андриссен, Крис Диксон, Union Square Ventures и другие венчурные капиталисты, делает упор на Ethereum и EOS, а перспективы Litecoin и XRP им кажутся сомнительными.

2018-7-1 10:51


Crypto Hedge Fund Multicoin Valued at $75m After Fred Wilson’s VC Investment

Despite the recent decline of the cryptocurrency market, the promise of huge profits continues to lure investors to funnel some of their funds into these digital coins. Recently, the New York-based venture capital firm Union Square Ventures (USV) officially announced its investment in Multicoin Capital, which is a cryptocurrency hedge fund startup.

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