Latin American e-commerce giant bought $ 7.8 million worth of bitcoins

[Leviathan.007]

MercadoLibre announced that it bought $ 7.8 million worth of bitcoins on Wednesday. The company is one of the newest public trading companies to add bitcoin to its balance sheet.
The Argentine-based company said in its revenue report that the acquisition was made in the last quarter and is part of the company's treasury strategy. MercadoLibre shares are traded on Nasdaq under the name MELI.
Although this acquisition is a far cry from the massive acquisitions of companies such as MicroStrategy (approximately $ 2.2 billion) or Tesla ($ 1.5 billion), MercadoLibre's investment is a powerful step toward popularizing bitcoin as a payment option.
Latin America, the largest e-commerce company, last week unveiled a real estate platform that allows you to buy property with Bitcoin. The company's payment platform was integrated with Bitcoin in 2015.

Source: https://www.coindesk.com/e-commerce-giant-mercadolibre-discloses-7-8m-bitcoin-buy

[Blitzboy]

Damn. More and more big hands join the race. I wonder whether any bitcoin left for us haha. Bitcoin lately has no significant movement but I bet it is having the largest accumulation ever. Too many good news but it still wanders around $56000

$90000 is definitely viable. Try to work more and buy more bitcoin

[Rruchi man]

This is such great news for the bitcoin community, and an even greater news for the hodlers of bitcoin. We need more companies to take initiative and follow likewise, hopefully this will drive the price of bitcoin upwards towards the desired price that most people predicted the price to get to ( The 70k-100k range).

[Review Master]

Looks like, institutional adoptions are still on the track and more good news will come in the upcoming days. First, news about bitcoin will be added into hundreds of USA Banks for giving supports towards bank users so that they can buy, sell or hodl. Second, Ebay is looking forward to add crypto as a payment method and now, MercadoLibre's investing into Bitcoin which is a great thing. Though dominance is still down, but bull run of bitcoin isn't over yet. Now just hoping to see bitcoin at $70k or more.

[acener]

Well another great news for us and I think we could expect more to come in the future,
They only started to accept it now and decided to invest in it I am sure there would be more big names and big investors in the future.
But expect that there would also be some butt hurt people who would talk shit about it let's just ignore them and enjoy the ride guys HODL.

[Bitstar_coin]

Institutions are really getting involved in btc, I assume some of them feel challenged and left out to be part of this great tech, this is going to be part of btc everyday news because many more will dive in, this type of news makes me very bullish and hope that the market will stay bullish through out this year.

[avikz]

That's what the biggest fear as on date. With more and more corporates jumping into this field and hoarding millions worth of bitcoin is what driving us towards more centralization. Definitely a lot of additional liquidity is flowing into the market, but bitcoin market was never deprived of liquidity so that's not what we want.

Once the corporates have their hands on to the majority of the bitcoin supply, we will be doomed to death as then the market will be controlled by few companies just the way today's financial market is getting controlled. Not a matter to cheer on!

[Obito]

That's what the biggest fear as on date. With more and more corporates jumping into this field and hoarding millions worth of bitcoin is what driving us towards more centralization. Definitely a lot of additional liquidity is flowing into the market, but bitcoin market was never deprived of liquidity so that's not what we want.

Once the corporates have their hands on to the majority of the bitcoin supply, we will be doomed to death as then the market will be controlled by few companies just the way today's financial market is getting controlled. Not a matter to cheer on!

Yeah it is scary but we have to understand that we just have to accumulate more of cryptocurrency before that happens so when it really does happen and the prices starts to go up, then you can get more profit out of it. I don't think that that kind of corporate takeover in the decentralized market is going to easily happen, I am sure that they are going to be fighting other companies too.

[stompix]

That's what the biggest fear as on date. With more and more corporates jumping into this field and hoarding millions worth of bitcoin is what driving us towards more centralization.

How is this leading to centralization?
What is centralized in some owning more than others?

Once the corporates have their hands on to the majority of the bitcoin supply, we will be doomed to death as then the market will be controlled by few companies just the way today's financial market is getting controlled.

Why do you think corporations are one single entity that makes the same moves all the time? There is a war between them, an economical war as in any free market, you think Amazon will team up with Tesla and KFC with Subway to manipulate bitcoin's market?
And even so, how is that different from what we had before? The Winklevoss brothers had 100 000 BTC , Loaded had 50k, knightmb had more than 300k BTC god knows how many coins other people who had been here from the start had. That wasn't centralization? You would trust an anonymous user on the internet on not trying to manipulate the market for its own game but from the strat believe a company would do so?
Or, you believed that somehow only the poor will get to own bitcoins and the rich will have to beg to get some satoshi from them?

Institutions are really getting involved in btc,

Why do people keep on saying institutions, institutions are one thing institutional investors are a different thing.

[cheezcarls]

MercadoLibre announced that it bought $ 7.8 million worth of bitcoins on Wednesday. The company is one of the newest public trading companies to add bitcoin to its balance sheet.
The Argentine-based company said in its revenue report that the acquisition was made in the last quarter and is part of the company's treasury strategy. MercadoLibre shares are traded on Nasdaq under the name MELI.
Although this acquisition is a far cry from the massive acquisitions of companies such as MicroStrategy (approximately $ 2.2 billion) or Tesla ($ 1.5 billion), MercadoLibre's investment is a powerful step toward popularizing bitcoin as a payment option.
Latin America, the largest e-commerce company, last week unveiled a real estate platform that allows you to buy property with Bitcoin. The company's payment platform was integrated with Bitcoin in 2015.

Source: https://www.coindesk.com/e-commerce-giant-mercadolibre-discloses-7-8m-bitcoin-buy

Now that’s very huge and it’s great that they have seen the light in owning BTCs for good! It seems that more huge companies and institutions from around the world are slowly buying and adopting Bitcoin. Although that massive adoption is still a long way to go, this is way better than none at all!

[Lucius]

Now that’s very huge and it’s great that they have seen the light in owning BTCs for good!

For the average person, $7.8 million is without a doubt serious money - but if we look at today's crypto market, that amount is literally a drop in the ocean. If we convert this amount into BTC, we will only get 136 coins - which is actually very little when compared to an investment of tens of thousands of Bitcoins.

What always makes me happy is that there are some companies outside the US investing in Bitcoin, and that would mean the trend is global. Given that a much more favorable situation is expected in the rest of the year when it comes to pandemics, I expect more good news and even more companies to jump into the crypto train.

[sheenshane]

Good news around, I saw and heard a lot of institutions buying Bitcoin in the worth millions of dollars.

Anyway, I did my research about MercadoLibre because I think it was just an error but you’ve mentioned that MercadoLibre is a public trading company, but it’s not.  It’s an e-commerce company that is listed in the public stock market and I think that's what you want to say.

And also, Mercadolibre isn’t based in Argentina.  They were legally incorporated in the United States but the board or founders are Argentinean.

AFAIK, MercadoLibre has a wide range of payment methods and I think the reason they bought Bitcoin is in line with their business and I think they're expecting that Bitcoin will soon be accepted to their business as a mode of payment.

[sulis sudibyo]

Damn. More and more big hands join the race. I wonder whether any bitcoin left for us haha. Bitcoin lately has no significant movement but I bet it is having the largest accumulation ever. Too many good news but it still wanders around $56000

$90000 is definitely viable. Try to work more and buy more bitcoin

bitcoin will always be available in the market, so rest assured everyone can still get bitcoin. and you're right at the moment the news for crypto is very positive. This makes me believe that the market is getting stronger day by day.

[dothebeats]

It's good that the interest in bitcoin is spreading far and wide. Although in today's market, this is still a small sum, that 100+ bitcoins will go a long way if they held on to it for a long time. Bitcoin is still getting stronger and stronger and more fitting in today's economy and financial flow, and is further justified to be important by such companies who are constantly buying and stocking it up for the future. This will not be the last that we'll hear companies buying millions of dollars worth of bitcoin, that's for sure.

[goldade]

MercadoLibre announced that it bought $ 7.8 million worth of bitcoins on Wednesday. The company is one of the newest public trading companies to add bitcoin to its balance sheet.
The Argentine-based company said in its revenue report that the acquisition was made in the last quarter and is part of the company's treasury strategy. MercadoLibre shares are traded on Nasdaq under the name MELI.
Although this acquisition is a far cry from the massive acquisitions of companies such as MicroStrategy (approximately $ 2.2 billion) or Tesla ($ 1.5 billion), MercadoLibre's investment is a powerful step toward popularizing bitcoin as a payment option.
Latin America, the largest e-commerce company, last week unveiled a real estate platform that allows you to buy property with Bitcoin. The company's payment platform was integrated with Bitcoin in 2015.

Source: https://www.coindesk.com/e-commerce-giant-mercadolibre-discloses-7-8m-bitcoin-buy

This is a very amazing news for the crypto community. Even though the worth of bitcoin bought by this company is relatively small as compared to Giant companies like Microstrategy and Tesla, I believe it will go a long way in adoption of crypto in the mainstream world.
I'm of the opinion that now, there will be quite some adoption in Latin America with a move like this. I wouldn't be surprised, if some few months or months, we begin to see other companies in Latin America adopting bitcoin and other crypto.

[Baofeng]

Take note that MercadoLibre is the largest e-commerce and payment in Latin America. So this is a huge company and this news is very welcoming indeed as bitcoin is really becoming a global phenomena and this could push other companies to hedge their balance sheet in bitcoin. Maybe somewhere in Asia, the board members of a big company is putting this on notice and we may hear big companies going on public and announcing that they too are joining the bandwagon.

[willoweb]

I get the impression that only IT companies and companies in which CTOs have loud voices have thought of this. I do not take into account banks and funds - because these guys are only doing what they are chasing profit in any guise. It is strange that other companies with high capitalization and profitability are not taking advantage of the moment they are not buying cryptocurrency now. I think this is due to a lack of understanding of the management and because of this it seems to them that it carries risks.

[ninkdwi]

with that large amount of bitcoin purchases, is there any sign of sudden price changes on Wednesday? or the purchase aims to be the holder?
because the market movement after the purchase did not change too drastically.

[fiulpro]

Damn. More and more big hands join the race. I wonder whether any bitcoin left for us haha. Bitcoin lately has no significant movement but I bet it is having the largest accumulation ever. Too many good news but it still wanders around $56000

$90000 is definitely viable. Try to work more and buy more bitcoin

The reason it does not have a lot of significant movement is because the moment a whale try to dump a significant amount there are people waiting to buy , literally! I do think this is a plus point for us at the end of the day. Stability is there but at the same time we have a couple of Volatile opportunities.

with that large amount of bitcoin purchases, is there any sign of sudden price changes on Wednesday? or the purchase aims to be the holder?
because the market movement after the purchase did not change too drastically.

Even if it did go up there would be people selling it the moment they see a uproar which would honestly cancel it all out. The price is actually higher today as compared to few days back.

Take note that MercadoLibre is the largest e-commerce and payment in Latin America. So this is a huge company and this news is very welcoming indeed as bitcoin is really becoming a global phenomena and this could push other companies to hedge their balance sheet in bitcoin. Maybe somewhere in Asia, the board members of a big company is putting this on notice and we may hear big companies going on public and announcing that they too are joining the bandwagon.

It is indeed already a big global phenomenon therefore I do think they did join in too late. Again I do think they will take some points regarding market Manipulation saving then a whole lot of backlash like Elon Musk.

[Coyster]

with that large amount of bitcoin purchases, is there any sign of sudden price changes on Wednesday? or the purchase aims to be the holder?
because the market movement after the purchase did not change too drastically.

You're looking at the price only for the short-term, this sort of purchase of Bitcoin doesn't immediately cause an appreciation in price. Even when the influx of institutional investors into the network started, the bull run/appreciation in price was not felt at that moment. There may/may not be any spike in price, as the amount of Bitcoin bought, though much, isn't too significant. The thing is, it's not all about just the price for now, it's the fact that the believe in the Bitcoin network is going higher, more (institutional) investors are now interested, that's an indication of mass adoption in the 'nearest future.'