Square is the second major corporation to make the decision to hold a portion of their holdings in Bitcoin. The company announced that it has bought $50 million worth of BTC.
This is going to become more common. The wealthy are already buying the coin, so it makes sense that corporations are apt to follow.
In this video I discuss how Bitcoin is going to be the token for the elite while other tokens are what will be used by regular people. This is akin to a reverse of the IPO situation where the banks make the easy money before the public can get in by selling to the public. Here the average person is going to be selling BTC to Wall Street.
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Square bought 4,709 bitcoins at the price of $50 million. The investment represents almost 1% of the company's total assets as of the second quarter of 2020.
Its a symbolic gesture from Jack... If he would mean it, it would be a lot more
But wait until the dominos start falling and competitors start to match that 1%. Maybe the next company's risk analysts say they should go 2%.
It's starting.
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BEER.I came across the news as well on TheBlock. Jack is really seeing the potential BTC possesses in the years to come as well many other big techs. About BTC being the token for the wealthy individuals, I see reasons with you. Bitcoin is already very high in price and as such a regular person cannot just afford it; not to mention of buying it in large volumes. However, the regular sects can buy BTC in portions and still be among the holders.
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People are starting to wake up and to see what at some point they've debated against. Cryptocurrencies and Bitcoin in special are like GOLD so not having them it is like you are not investing in the future. This builds also trust which the blockchain and crypto world could use on their behalf and maybe you will see them traded freely all over the world.
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Got my first stocks last week, just cause I thought Square was a nice investment.
Dorsey obviously believes in BTC, but Square also seems to want to make a one stop payment app, which will obviously include BTC. It's likely they'll need some BTC reserves, and I bet they'll even try and compete with Coinbase at some point.