Square invests 50 million USD in BTC: instrument of economic empowerment - page 4.

fillippone

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Quote from: jackg on October 08, 2020, 11:56:22 AM

I'm trying to remember what they do, are they a payment processing firm?

1% seems both tiny and huge at the same time. I don't think many companies have done similar with gold or something like that recently...

They are a payment processor. In addition to that they are quite bitcoin friendly, as they allow their customer to buy bitcoin with their app. So they are constantly buying bitcoin for their clients.
This time they decided to put they money where their mouth is.

Regarding 1%, I think in the future no major firm will have less than 1% of their assets in Bitcoin.

avikz

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It seems bitcoin market responded quickly on this. The price is almost 2.6% higher alrrady and showing an upward trend. I am frankly not surprised by this step of Square because it's CEO Jack Dorsey is a long time bitcoin bull. They would have anyway jumped into this game sooner or later. It's probably the stakeholders approval received recently on spending this huge sum on bitcoin.

Cheers market!

jacafbiz

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This is very good for Crypto, I believe we will start seeing many f these tech companies follow suit, it doesn't make sense not to take the risk, 1% of your capital in BTC could be what would save the company in future, this just make me thing the $100k per BTC is very conservative

jackg

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https://bit.ly/387FXHi lightning theory

I'm trying to remember what they do, are they a payment processing firm?

1% seems both tiny and huge at the same time. I don't think many companies have done similar with gold or something like that recently...

fillippone

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Square just decided to follow up MicroStrategy footsteps buying 1% of their total assets in Bitcoin.

Quote

*SQUARE: CRYPTOCURRENCY AN INSTRUMENT OF ECONOMIC EMPOWERMENT

*SQUARE INVESTS $50M IN BITCOIN

https://twitter.com/deitaone/status/1314189340726177793?s=21

Press release from Square:

Quote

SAN FRANCISCO, CA – October 8, 2020 – Square, Inc. (NYSE: SQ) announced today that it has purchased approximately 4,709 bitcoins at an aggregate purchase price of $50 million. Square 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. The investment represents approximately one percent of Square’s total assets as of the end of the second quarter of 2020.

This translate in a 10,617 USD average price. They have beaten Microstrategy entry point at 11,111 USD per Bitcoin.

They released a very interesting press release on their investment, detailing rationale and execution:

Square, Inc. Bitcoin Investment Whitepaper

As I like to follow those “big swinging dicks” in the bitcoin ecosystem (Grayscale, Microstrategy, and now Square) I think it is nice to have a well organised thread on the news.

They invested 1% of their total assets. I think this is something every CFO should be looking at, given the highly asymmetrical returns of a bitcoin investment.

Topic: Square invests 50 million USD in BTC: instrument of economic empowerment - page 4. (Read 806 times)