Square’s Surprising Move Takes the Bitcoin Revolution Into a New DimensionJack Dorsey continues to show how much he believes in Bitcoin.
MicroStrategy, and its CEO Michael J. Saylor, have been the talk of the Bitcoin world since the beginning of August 2020. Michael J. Saylor’s announcement that MicroStrategy is making Bitcoin its primary treasury reserve asset has indeed made a lot of noise.
Seeing a Nasdaq-listed company the size of MicroStrategy fully embrace Bitcoin was a sobering thought for even the most serious opponents of Bitcoin.
In September 2020, MicroStrategy confirmed that its strategy with Bitcoin was well-considered by making an additional $150 million purchase of Bitcoin. At the time of this writing, MicroStrategy holds 38,250 BTC purchased for a total of $425 million, including transaction fees.
That’s huge when you consider that this represents just over 2.5% of the Bitcoin circulating supply.Square invests 1% of its balance sheet in Bitcoin
On Thursday, October 8, 2020, Square became the second major public company to make a similar move. Indeed, the company founded and directed by Jack Dorsey announced that it has bought for $50 million of Bitcoins on the spot market, which allows Square to hold today 4,709 BTC.
This move amounts to placing 1% of Square’s balance sheet in Bitcoin.
As a strong supporter of Bitcoin, Jack Dorsey is obviously no stranger to this strategic choice which he supported with all his might. This did not only make happy people on Square’s board of directors, but his opinion has finally convinced the other members.
As a reminder, Square is already strongly involved in the Bitcoin world through its CashApp application that allows retail investors to easily and quickly buy Bitcoin from their smartphones.
The last few months have allowed CashApp to generate huge profits due to the ever-increasing number of investors in the Bitcoin world. For Square, it, ...