Square Says It Bought $50 Million of Bitcoin - page 2.

Insanerman

sr. member

Activity: 1162

Merit: 450

Quote from: DougM on October 08, 2020, 06:42:08 PM

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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.

BlackHatCoiner

legendary

Activity: 1512

Merit: 7340

Farewell, Leo

Good to see companies investing millions in bitcoin. Are those $50 Million responsible for the recent pump?

Quote from: TryNinja on October 08, 2020, 07:07:40 PM

That's just the start. A cool website to keep looking at: https://bitcointreasuries.org

And an archive for the future: https://archive.is/hvBzj

Let's see how much it grows. Wink

I didn't know grayscale owns 449,596BTC... Four hundred and nine thousands five hundred ninety six bitcoins... According bitcointreasuries.org, they have a profit of $100M. Just because they HOLD THEM.

DaveF

legendary

Activity: 3500

Merit: 6320

Crypto Swap Exchange

Quote from: TryNinja on October 08, 2020, 07:07:40 PM

That's just the start. A cool website to keep looking at: https://bitcointreasuries.org

And an archive for the future: https://archive.is/hvBzj

Let's see how much it grows. Wink

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

tyz

legendary

Activity: 3360

Merit: 1533

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.

cryptomaniac_xxx

hero member

Activity: 1344

Merit: 540

Quote from: ?? on ??

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.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Quite late, broski. Someone was ahead of you by like 12 hours. Tongue

Topic: BREAKING: Square & Twitter's Boss, Jack Dorsey buys $50M worth of Bitcoin. https://bitcointalksearch.org/topic/--5280810

cryptofiend01

newbie

Activity: 22

Merit: 0

Quote from: ?? on ??

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.

TryNinja

legendary

Activity: 2758

Merit: 6830

Quote from: ?? on ??

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.

tranthidung

legendary

Activity: 2310

Merit: 4085

Farewell o_e_l_e_o

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.

GreatArkansas

legendary

Activity: 2506

Merit: 1394

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.

(o)(o)ilikeboobs(o)(o)

full member

Activity: 826

Merit: 105

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.

TryNinja

legendary

Activity: 2758

Merit: 6830

That's just the start. A cool website to keep looking at: https://bitcointreasuries.org

And an archive for the future: https://archive.is/hvBzj

Let's see how much it grows. Wink

DougM

full member

Activity: 173

Merit: 120

Another investment in bitcoin by another big company Cool

Square Says It Bought $50 Million of Bitcoin; Shares Rise

Quote

Square 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-bitcoin

Quote

Square (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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