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bitcoin square million
Nexo Logo

Square’s Bitcoin Investment Made $2 Million Over The Last 24 Hours

Tony Spilotro by Tony Spilotro
2 years ago
in BTC
Reading Time: 3 mins read
Advertisement

Bitcoin price blasted back above $11,000 in response to yesterday’s news that the Jack Dorsey-led Square Inc. had purchased 4,709 BTC to add to company reserves.

Since the news broke about the payment firm’s innovative corporate investment – a growing trend now – the cryptocurrency has risen 4%, adding an enormous sum in ROI to Square’s holdings. Here’s what it could mean for the market, and if a domino effect is beginning with this latest development.

Square Inc. Invests In Bitcoin, Discloses Purchase Of Over 4700 BTC

Just like in the world of stocks, commodities, and more, when businesses make moves, the assets related to them respond. The response from Bitcoin recently thanks to one corporate giant’s interest in the cryptocurrency has been substantial. But there are also few companies that are as integral to the asset’s growth as Square Inc.

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Payments mammoth Square is the parent company of Cash App, and its CEO is outspoken Bitcoin bull Jack Dorsey. Dorsey has several times in the past referenced the cryptocurrency becoming the internet’s currency eventually.

Related Reading | Bitcoin (BTC) Blasts Through $11,000 Following Bullish Triangle Breakout

Bitcoin itself has been positioned as everything from the next global reserve currency, to a store of value, safe haven asset, and an insurance policy against the unknown.

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Dorsey’s Cash App began offering BTC purchases back at the end of the crypto bubble but has built itself a profitable business out of it over the years. Now, its Square’s own investments that are profitable.

bitcoin btcusd btc square

BTCUSD Hourly Chart Square News FOMO Breakout | Source: TradingView

Supply Shock Prompts Immediate FOMO, Holdings Earn $2 Million In 24 Hours

There will only ever be 21 million BTC to exist, and while 4709 may not seem like a sizable chunk taken out of that, it is only the second stone cast by tech corporations seeking to add the cryptocurrency into its reserves alongside cash.

The trend is due to cash losing its buying power, and tech pioneers are looking for new-age solutions to old world problems that have left the economy on the ropes.

Related Reading | Analyst: The Next Bitcoin Break Will Set The Stage For Weeks To Come

Bitcoin was designed to be the solution to these problems but is still very early on in its young lifecycle of just ten years. Only recently, have corporations like Square, MicroStrategy, and perhaps soon more, started looking at BTC to stave off inflation. It could ultimately become a widespread trend and one that brings the peak of the next bull run to incredible heights.

The initial reaction was enough to cause a 4% rally in Bitcoin, taking Square’s investment up $2 million over the last 24 hours, based on a $425 gain across 4,709 BTC bought.

As more follow this lead, daily gains like these may return to being the norm once again for Bitcoin.

Featured image from Deposit Photos, Charts from TradingView
Tags: bitcoinbtcbtcusdbtcusdcBTCUSDTcryptoJack Dorseysquarexbtxbusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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