BREAKING: Square & Twitter's Boss, Jack Dorsey buys $50M worth of Bitcoin.

[Sinjokubhi]

Indeed, it slightly makes the price of BTC to go up, but this movement is still not sure that bitcoin will go up again, because the resistance position of 11000 has not been broken until now.

But this gives a sigh of relief to keep HODL in bitcoin especially with pandemic conditions like this.

[romero121]

More big players are getting into the market regularly. Following this will be the entry of more number of large scale corporate networks to get into bitcoin. When large volume of bitcoin gets accumulated between few number of users, it becomes an easy task to manipulate the market. For now the buying of bitcoin isn't a big news, because more such incidents is gonna happen in the falling years.

[pixie85]

AFAIK, this has been their activity. They're known for accumulating before the pandemic. I've looked for some old articles and found one from 2018 and I think there's older than this but not later than the bull run of 2017.
(https://www.reddit.com/r/Bitcoin/comments/aw5art/square_bought_over_10000_btc_in_q4_2018_only/)
(https://cointelegraph.com/news/report-squares-cashapp-and-grayscale-consumed-over-50-of-bitcoin-mined-q1-202)

Let's see if the pandemic really turns itno a BTC pump.

I'd rather expect it to follow S&P500 and dump again along with the stocks. Despite that I hold my bitcoins.

We have some big news comming up like the election in the US and the possible threat of another covid shutdown with the growing number of deaths around the world.,

[abel1337]

More big players are getting into the market regularly. Following this will be the entry of more number of large scale corporate networks to get into bitcoin. When large volume of bitcoin gets accumulated between few number of users, it becomes an easy task to manipulate the market. For now the buying of bitcoin isn't a big news, because more such incidents is gonna happen in the falling years.

We can't really control these people from not buying it because this is a free market. We don't really know if they are really just holding the amount of bitcoin stated in the news. It is just their advantage to have a big net worth from us and for sure they just want to get a profit also. Let's just think of the positives that they can help bitcoin price grow more because of their famous image in the industry.

[buwaytress]

Yep, we are still at the point where any public endorsement by prominent figures is important and helpful. Maybe in 10 years no one will care if some company buys $50M worth of Bitcoin, but today it's clearly enough to move the market.

Apparently so! I honestly thought the market's no longer prone to such sentiment moving but it does appear to still have an effect. Good news for those wondering if it's "too late" to get into Bitcoin for sure. And that includes guys like me who fully believe it's not too late, yet deep down we wonder if we could be wrong;)

[blockman]

AFAIK, this has been their activity. They're known for accumulating before the pandemic. I've looked for some old articles and found one from 2018 and I think there's older than this but not later than the bull run of 2017.
(https://www.reddit.com/r/Bitcoin/comments/aw5art/square_bought_over_10000_btc_in_q4_2018_only/)
(https://cointelegraph.com/news/report-squares-cashapp-and-grayscale-consumed-over-50-of-bitcoin-mined-q1-202)

This means they have huge stash of bitcoin by now. It will give confidence also to other people as known businessman is openly stating the purchase of bitcoin. People just need to educate themselves to appreciate the benefits brought by bitcoin or crypto. At least we are reading another positive news not the news relating to hack or scam.

Yes they do because they know how to do business. They are not just prepared but they have planned it all along. This type of news has always been in the reports whenever they do a purchase. But the reaction of the market and the people isn't that much. I've just noticed that this time, the reaction from the community is bigger than those purchases that they've made in the past. And what a coincidence, the market's up today and many would think that it's because of their move.

[Velvet78]

I think Jack Dorsey is a forward-looking man. He wouldn't have made such an investment if he didn't think he would make money. Twitter has a huge resource such as trend analysis, and the man, who owns it, doesn’t make such a big investment in vain.

[rdbase]

Yep, we are still at the point where any public endorsement by prominent figures is important and helpful. Maybe in 10 years no one will care if some company buys $50M worth of Bitcoin, but today it's clearly enough to move the market.

Apparently so! I honestly thought the market's no longer prone to such sentiment moving but it does appear to still have an effect. Good news for those wondering if it's "too late" to get into Bitcoin for sure. And that includes guys like me who fully believe it's not too late, yet deep down we wonder if we could be wrong;)

It will always be prone to such headlines such as the stock market and any other market for that matter would be.
If elon musk said he is quitting tesla wouldn't you think there would be atleast some thing to happen to their stock price?
Of course their would, so is the same for bitcoin's price when it comes to such news.
People buying up bitcoin worth the hundred thousands will pump up the price I am sure.
It is up over $1k since the news hit the media and it has not really slowed down.

[OgNasty]

The crazy thing is that this isn't a huge company in the grand scheme of things and they only invested 1% of their reserves.  Imagine if Microsoft or Apple decided to put 5% of their reserves into Bitcoin...  Things could get crazy fast.  This news in itself isn't a game changer, but if it signals the beginning of the Corporate Bitcoin Rush, we could be seeing the start of what will eventually lead to the great bubble of November 2021.

[Yaunfitda]

The crazy thing is that this isn't a huge company in the grand scheme of things and they only invested 1% of their reserves.  Imagine if Microsoft or Apple decided to put 5% of their reserves into Bitcoin...  Things could get crazy fast.  This news in itself isn't a game changer, but if it signals the beginning of the Corporate Bitcoin Rush, we could be seeing the start of what will eventually lead to the great bubble of November 2021.

Yes, we have seen companies putting their reserves on bitcoin already, and this could be the trend specially if bitcoin goes and end this year in the range of $12k-$14k. I'm sure some corporation will look at it early next year and me might see some mid to large corporation to join the Bitcoin Rush and see how it goes, until the next bubble and cash out some to make money for them. A blue print has been set, just a matter of time before we see some paradigm shift to corporate bitcoin.

[otto2012]

I can't get all the fuss around this move by Dorsey. It was just a smart decision by a far-sighted man who, by the way, can afford buying that amount of $BTC. He just did what other big firms should have already done by now, so to me the question is not "Why did Jack do it?" but "Why didn't others do it yet?"
 

[tsaroz]

It certainly is a small amount, about 0.025% of circulating coins. And the company involved is a payment processor that is also venturing into crypto.
But all investors and traders needs are these small things to get the price moving upward. Bitcoin has been influenced by much smaller events.

As of why aren't microsoft and Google investing in Crypto, they are working with it, but they would not buy a good chunk unless the US government insures crypto would be a legal investment. It might be legal as of now but the regulations and limitations enforced by the government aren't showing an easy road ahead.

[Eureka_07]

<snip>

• Bad news: If more companies keep buying huge stacks of BTC, They might own enough to become manipulative and do things their own way.
  

The truth is, manipulation will be inevitable when the time come. Imagine when those big companies cut huge portion of Bitcoin and hold, this will enable them manipulate the market at self-will. Although, this will be a tough one because many companies will get involve and be made competitive.  
<snip>

That's not true, bitcoin's maximum supply is 21million, and as of thi moment, bitcoin's supply is already at 18.5million.
If you compare that aprroxiamate of 4709 BTC to the whole supply, it is only 0.224% of 100% bitcoin supply.
Before someone or a company be able to manipulate bitcoin's price, they should hold much higher numbers of bitcoins.
And manipulating of the price isn't that easy, if companies will just focus to this, there will be might some changes to the company they own, either for better or for worse.

[SquirrelJulietGarden]

The crazy thing is that this isn't a huge company in the grand scheme of things and they only invested 1% of their reserves.  Imagine if Microsoft or Apple decided to put 5% of their reserves into Bitcoin...  Things could get crazy fast.  This news in itself isn't a game changer, but if it signals the beginning of the Corporate Bitcoin Rush, we could be seeing the start of what will eventually lead to the great bubble of November 2021.

$50 mil. is not much capital but it causes people are crazy with the news.

See the image in Bitcoin Treasuries


That website is opensource from Bitcoin Treasuries in Publicly Traded Companies is a cool supplementary ingredient for your topic.

[Becky666]

<snip>

• Bad news: If more companies keep buying huge stacks of BTC, They might own enough to become manipulative and do things their own way.
  

The truth is, manipulation will be inevitable when the time come. Imagine when those big companies cut huge portion of Bitcoin and hold, this will enable them manipulate the market at self-will. Although, this will be a tough one because many companies will get involve and be made competitive.  
<snip>

That's not true, bitcoin's maximum supply is 21million, and as of thi moment, bitcoin's supply is already at 18.5million.
If you compare that aprroxiamate of 4709 BTC to the whole supply, it is only 0.224% of 100% bitcoin supply.
Before someone or a company be able to manipulate bitcoin's price, they should hold much higher numbers of bitcoins.
And manipulating of the price isn't that easy, if companies will just focus to this, there will be might some changes to the company they own, either for better or for worse.

You're out of point dude, all I said was: if big companies get hold on good portion in Bitcoin then there will be a sort of manipulative possibility in market. Never said, square with little portion will have control. Aren't whales currently manipulating the cryptocurrency market now? Can you tell their percentage of their holdings for this manipulation?. Somebody will manipulate the market now and another tomorrow till the last Bitcoin get mined. "It's a free market for all".

[figmentofmyass]

The crazy thing is that this isn't a huge company in the grand scheme of things and they only invested 1% of their reserves.  Imagine if Microsoft or Apple decided to put 5% of their reserves into Bitcoin...  Things could get crazy fast.  This news in itself isn't a game changer, but if it signals the beginning of the Corporate Bitcoin Rush, we could be seeing the start of what will eventually lead to the great bubble of November 2021.

it's an interesting turn of events. for years, everyone has been waiting for wall street (hedge funds, institutional traders, investment banks) to drive the next bitcoin bubble.

it never dawned on me until the microstrategy announcement that regular companies---not necessarily related to finance, nor in the business of investment---might start accumulating bitcoins and driving the next bubble instead. exciting times for sure!

$50 mil. is not much capital but it causes people are crazy with the news.

here's another way to think about it: it's more than 0.025% of the entire circulating bitcoin supply, owned by a single company---a small company, at that. imagine if more companies, bigger companies, want to accumulate their own stash.

[ekeh]

That is good news, for the company to team together and invest on huge amount of Bitcoin in the cryptocurrency exchange, which we all know that bitcoin is a digital assets and it keeps appreciate from time to time and is going to be breaking limit price in time coming in future.

[xanto]

I'm pretty sure that Jack will be buying more as soon as he allocates the money

As it was mentioned above, he only bought a tiny part of all the bitcoin.