Square Invests $50 Million in Bitcoin (BTC)
Jack Dorsey-led Square, on Oct 8, said it bought 4,709 BTC, or $50 million, through an Over-The-Counter (OTC) provider, equivalent to one percent of the company’s assets. The Bitcoin price rose on this news, soaring to highs of around $10,980.
Square is a multi-billion public company. News of them buying Bitcoin as part of their investment strategy is a strong indicator of their endorsement of Bitcoin and crypto. It comes at the back of another public company, MicroStrategy, investing over $450 million from its treasury. The more public companies in the United States support Bitcoin as a haven asset like gold, the more Bitcoin price will likely pump.
Impact on the BTC price:
Bullish. The news of Square’s investment saw the BTC price rising, adding against both the USD and ETH. With yesterday’s gains, odds of BTC rallying to above $11,200 and even $12,000 in the medium term has been boosted.
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