DougM (OP)
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October 08, 2020, 11:42:08 PM |
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Another investment in bitcoin by another big company Square Says It Bought $50 Million of Bitcoin; Shares RiseSquare bought $50 million of bitcoin, undeterred by the fact that it isn’t used for many standard commercial transactions. https://www.thestreet.com/investing/square-buys-50-million-dollars-of-bitcoinSquare (SQ) - Get Report shares rose Thursday after the payments company said it bought about 4,709 bitcoins for $50 million.
That equates to $10,617 per bitcoin. Bitcoin recently traded at $10,735.
Square shares recently traded at $183.51, up 1.9%. The stock has nearly tripled this year.
Bitcoin isn’t used for many standard commercial transactions because of its volatility and because of scandals in which bitcoin disappeared.
At this point bitcoin mostly serves as a vehicle for speculation.
As for Square, it “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 purpose,” it said in a statement.
The investment represents some 1% of Square’s total assets as of the end of second-quarter 2020.
Square, San Francisco, has a history with bitcoin. It launched bitcoin trading in 2018 for its Cash App customers. In 2019, the company formed Square Crypto, a team contributing to bitcoin open-source.
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TryNinja
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October 09, 2020, 12:07:40 AM |
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That's just the start. A cool website to keep looking at: https://bitcointreasuries.orgAnd an archive for the future: https://archive.is/hvBzjLet's see how much it grows.
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. .HUGE. | | | | | | █▀▀▀▀ █ █ █ █ █ █ █ █ █ █ █ █▄▄▄▄ | ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ . CASINO & SPORTSBOOK ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ | ▀▀▀▀█ █ █ █ █ █ █ █ █ █ █ █ ▄▄▄▄█ | | |
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(o)(o)ilikeboobs(o)(o)
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October 09, 2020, 12:58:23 AM |
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It was also the news that caused bitcoin to rise by $ 300 this morning. Bitcoin is getting more attention from traditional investors. I am confident that this year more investors will buy bitcoins to reserve. The number of bitcoins on exchanges will continuously drop regardless of a low or high volume of transactions. The trend of putting bitcoin reserves is becoming more common.
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GreatArkansas
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Buy/Sell crypto at BestChange
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October 09, 2020, 01:26:36 AM |
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I just surprised if it is really that the $50 million USD that they used is only 1% of Square’s total assets. That's a huge amount of money then. There are also some people telling that "Buy the rumor, sell the news" which they are suspecting that Square already bought those Bitcoins early this year and they are just selling the news now to dump their holdings. Mind blown, lol. I don't agree with those people about what they think about Square's action.
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tranthidung
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Farewell o_e_l_e_o
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October 09, 2020, 02:28:15 AM |
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The plot shows that despite of some good news from Square, MicroPayment's recent investment activities, the total volume of BTC has not yet increased much significantly. I see the lovely coin has been in its almost ending of accumulation phase before its next journey to the Moon. When the correction is finished and volume increases, onwards we go to the Moon. The 'ghost month' ended and I expect to see more volume from the East next weeks.
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TryNinja
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October 09, 2020, 02:36:32 AM |
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What would Square do with 50mil worth of Bitcoin? What are they working on or planning to do?
Reserve of value? You know the US Dollar is basically a shitcoin, right? 22% of their entire USD reserves were printed this year alone and the US national debt keeps growing. The bubble pop is near and BTC can't be printed. They are investing in the future and trying to not lose a shit ton of money (purchase power) they have sitting in a bank account, which is being eaten by inflation every day.
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. .HUGE. | | | | | | █▀▀▀▀ █ █ █ █ █ █ █ █ █ █ █ █▄▄▄▄ | ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ . CASINO & SPORTSBOOK ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ | ▀▀▀▀█ █ █ █ █ █ █ █ █ █ █ █ ▄▄▄▄█ | | |
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cryptofiend01
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October 09, 2020, 02:39:13 AM |
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What would Square do with 50mil worth of Bitcoin? What are they working on or planning to do?
Square financial services provider - they're a merchant services aggregator and mobile payment company. From what I've gathered they are anticipating Bitcoin adoption. $50Mil represents only about 1% of the company, but it will go a long way if square plans to support crypto payments and blockchain transactions.
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mk4
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Paldo.io 🤖
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October 09, 2020, 03:31:21 AM |
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Quite late, broski. Someone was ahead of you by like 12 hours. Topic: BREAKING: Square & Twitter's Boss, Jack Dorsey buys $50M worth of Bitcoin. https://bitcointalk.org/index.php?topic=5280810.0
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cryptomaniac_xxx
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October 09, 2020, 08:59:17 AM |
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What would Square do with 50mil worth of Bitcoin? What are they working on or planning to do?
Just like the rest of us are doing, investing on it because the current fiat system is falling as government continues to print money. And besides, they are really bullish on bitcoin so it's just about time that they really come out with that huge investment. And yes, probably this is one major news that push the market to almost $11k, but it was not sustainable though, as it goes down to $10,800, but still, a strong indication that we are still in the bullish sentiments despite the price hovering in the $10k range for more than two months now.
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tyz
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October 09, 2020, 10:17:56 AM |
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It would be interesting to know why Square made this investment. Purely for investment reasons or are there plans to integrate Bitcoin into its payment service. Unfortunately the statement does not give any information about this. The latter would be very interesting.
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DaveF
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October 09, 2020, 11:19:33 AM |
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Didn't overstock have a large bitcoin investment? I don't see it on your list. I remember the original owner / CEO selling a bunch and leaving (or being forced out) but thought they still had a large amount of bitcoin holdings. Was a few years ago, I don't remember how it ended. -Dave
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BlackHatCoiner
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Farewell, Leo
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October 09, 2020, 11:38:15 AM |
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Good to see companies investing millions in bitcoin. Are those $50 Million responsible for the recent pump? I didn't know grayscale owns 449,596 BTC... Four hundred and nine thousands five hundred ninety six bitcoins... According bitcointreasuries.org, they have a profit of $100M. Just because they HOLD THEM.
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. .HUGE. | | | | | | █▀▀▀▀ █ █ █ █ █ █ █ █ █ █ █ █▄▄▄▄ | ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ . CASINO & SPORTSBOOK ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ | ▀▀▀▀█ █ █ █ █ █ █ █ █ █ █ █ ▄▄▄▄█ | | |
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Insanerman
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October 09, 2020, 11:43:54 AM |
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~
This is I guess the start of Bitcoin's rocket. Many companies are adopting and buying bitcoin for their businesses and as part of their transaction which would indicate that sooner, most companies would do the same. Hence it would start the spark plug of cryptocurrency's popularity across the world. Take note that such news and positive events made some impact with the Bitcoin price, what more soon if other companies would do the same right? Therefore, I think this is also the time where holding is a less option and trading would be the best one, as the market grows so fast, so do the possible profit.
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TryNinja
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October 09, 2020, 02:36:17 PM |
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I didn't know grayscale owns 449,596BTC...
Most of those are basically from their customers since they offer a Bitcoin investment trust. Didn't overstock have a large bitcoin investment? I don't see it on your list.
AFAIK, they don't hold any BTC on their treasure/reserves, which is the focus of the list. Purely for investment reasons or are there plans to integrate Bitcoin into its payment service.
Don't they already have that? (through CashApp)
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. .HUGE. | | | | | | █▀▀▀▀ █ █ █ █ █ █ █ █ █ █ █ █▄▄▄▄ | ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ . CASINO & SPORTSBOOK ▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ | ▀▀▀▀█ █ █ █ █ █ █ █ █ █ █ █ ▄▄▄▄█ | | |
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pixie85
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October 09, 2020, 03:45:37 PM |
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Even if they did a quick trade they made a lot of money because they bought OTC and when the news came out the price went up to form something of a breakout. Of course if they are as real about the investment as it looks they'll hold it until the price moves above 20 thousand again and grab a nice big 25 mliion in profit. Not a bad move I guess
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cabron
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October 09, 2020, 04:13:45 PM |
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Cool. Its 4,709 BTC. Thats huge amount. BTC is one of the most sought investment for a company to position themselves in the next bullrun, it would be very interesting how much the prices will go in the next bullrun. More institutional investors should also follow what they are doing. The legitimacy of cryptocurrency had ben recognized since the time forex brokers had added them on thier list, I think we are up to making millions.
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bL4nkcode
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Limited in number. Limitless in potential.
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October 09, 2020, 05:34:38 PM |
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What would Square do with 50mil worth of Bitcoin? What are they working on or planning to do?
For business? They have cash app, which can be used to buy and sell bitcoin in the US and UK so that's the best thing to do and/or reserve fund against inflation since USD will be devalued more and more.
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tyz
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October 10, 2020, 10:02:09 AM |
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Purely for investment reasons or are there plans to integrate Bitcoin into its payment service.
Don't they already have that? (through CashApp) I have not used Square before. The fact that I haven't heard much about it being able to pay with Bitcoin leads me to the conclusion that it is not a very popular payment method on the platform. Therefore it could be that the investment indicates that Square now wants to support this payment method more strongly and may even want to integrate new functionalities, such as Lightning.
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3meek
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October 10, 2020, 10:32:56 AM |
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It would be interesting to know why Square made this investment. Purely for investment reasons or are there plans to integrate Bitcoin into its payment service. Unfortunately the statement does not give any information about this. The latter would be very interesting.
Because Jack Dorsey is an old supporter of Bitcoin! And now he confirms his position and confidence in the good prospects of this asset! Big companies never invest for no reason!
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mardaed
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October 10, 2020, 05:34:50 PM |
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Though it's quite big for us but it is only 1% of their total assets as of the end of second quarter in 2020, so I guess they have a big reason behind this action aside from their statement that their actions aligns with their company's purpose.
I am not sure if it is part of their marketing plan to boost their company or etc. but what I am pretty sure is that they have deep reason behind this action. But still as a crypto user. I can say that their action can really help the crypto market to become lively again.
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