{"id":2834,"date":"2020-10-16T04:17:54","date_gmt":"2020-10-16T04:17:54","guid":{"rendered":"https:\/\/timestampmag.com\/?p=2834"},"modified":"2020-10-16T19:53:25","modified_gmt":"2020-10-16T19:53:25","slug":"jack-dorseys-square-goes-long-on-crypto-in-a-50m-bitcoin-investment","status":"publish","type":"post","link":"https:\/\/timestampmag.com\/2020\/10\/16\/jack-dorseys-square-goes-long-on-crypto-in-a-50m-bitcoin-investment\/","title":{"rendered":"Jack Dorsey’s Square Goes Long On Crypto In A $50M Bitcoin Investment"},"content":{"rendered":"

Bitcoin, the largest crypto-asset continues to gain institutional interest as Jack Dorsey\u2019s Square reportedly invests $50 million in Bitcoin. CEO Jack announced on Thursday that Square has purchased 4,709 bitcoins, a $50 million investment which represents about 1% of the firm\u2019s total assets.<\/span><\/i><\/p>\n

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Square <\/span>announced<\/span><\/a> the acquisition of 4,709 Bitcoin (<\/span>BTC<\/span><\/a>) worth roughly $50 million in what looks like a surprise move to some groups of the cryptocurrency community but possibly a well-calculated move by the company.\u00a0<\/span><\/p>\n

This development is unarguably massive for the entire crypto community but not totally unprecedented, especially to those who are aware that Jack Dorsey, the co-founder of Square has been a major proponent of the noble digital asset, and has shown relentless support for Bitcoin which is evident in the company\u2019s CashApp which allows its users to buy and sell Bitcoin<\/a>.<\/span><\/p>\n

Square Remains Extremely Bullish On Bitcoin<\/b><\/h2>\n

Following the acquisition, the company went further to revealed its stance on the entire cryptocurrency industry, “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,”<\/span><\/p>\n

Amrita Ahuja Square CFO further reiterates that, “We believe that bitcoin has the potential to be a more ubiquitous currency in the future\u2026 For a company that is building products based on a more inclusive future, this investment is a step on that journey.”<\/span><\/p>\n

The entire crypto market<\/a> reacted positively to the event. Since then the price of <\/span>Bitcoin<\/span><\/a> has surged almost 5% from the $10,500 mark to reclaim the $11k price range while <\/span>altcoins<\/span><\/a> have witnessed some decent gains with ETH reclaiming the $370 price range.\u00a0<\/span><\/p>\n

Square Is The Second Publicly Traded Company To Pull A Massive Bitcoin Investment This Year<\/b><\/h2>\n

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A few months ago, a business analytics and mobility firm MicroStrategy converted a massive portion of its treasury into Bitcoin. The company <\/span>reportedly invested<\/span><\/a> a whopping $425 million into Bitcoin, according to a series of disclosures that pumped the stock’s value and revealed its CEO, Michael Saylor, to be an unexpectedly vocal Bitcoin maximalist.<\/span><\/p>\n

The massive influx of institutional investors and the series of events unfolding could be setting the center stage for an anticipated <\/span>Bitcoin<\/span><\/a> bull run. While Bitcoin struggles to sustain a price action above the $11k range, everything looks solid for the most desired digital asset.\u00a0<\/span><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin, the largest crypto-asset continues to gain institutional interest as Jack Dorsey\u2019s Square reportedly invests $50 million in Bitcoin. CEO Jack announced on Thursday that Square has purchased 4,709 bitcoins, a $50 million investment which represents about 1% of the firm\u2019s total assets. Square announced the acquisition of 4,709 Bitcoin (BTC) worth roughly $50 million […]<\/p>\n","protected":false},"author":13,"featured_media":2640,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[151,30,287,379,378,359,4],"_links":{"self":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts\/2834"}],"collection":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/comments?post=2834"}],"version-history":[{"count":1,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts\/2834\/revisions"}],"predecessor-version":[{"id":2837,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts\/2834\/revisions\/2837"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/media\/2640"}],"wp:attachment":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/media?parent=2834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/categories?post=2834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/tags?post=2834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}