Square Announces The Acquisition Of 4,709 Bitcoin (BTC)
We’ve already addressed the fact that big players are one of the main ingredients in the mass adoption of Bitcoin and the digital assets.
Big investors have the ability to boost the price of BTC and also to bring the mainstream adoption of the king coin closer.
Cointelegraph just revealed that Square announced the acquisition of 4,709 Bitcoin (BTC) worth about $50 million.
Jack Dorsey, who is the company’s co-founder, has been an advocate for BTC and crypto for a long time. The company’s CashApp allows its users to invest in BTC.
This important piece of news comes right after another publicly-traded company called MicroStrategy decided to convert a part of its treasury into BTC.
It’s also been ready reported that currently, the company holds 38,250 BTC and another exciting thing is that its CEO Michael Saylor has become one of the most vocal Bitcoin advocates.
One vital issue worth noting is that even if MicroStrategy is a big company, it’s really small compared to Square, which holds an $81 billion capitalization. MicroStrategy’s is $1.5 billion.
Square’s move is somehow ideological
Square’s press release noted that this latest move that they made is ideological:
“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.”
The online publication mentioned above also made sure to note the fact that on September 30, Dorsey chastised Coinbase CEO Brian Armstrong for his apolitical leadership:
#Bitcoin (aka “crypto”) is direct activism against an unverifiable and exclusionary financial system which negatively affects so much of our society. Important to at *least* acknowledge and connect the related societal issues your customers face daily. This leaves people behind: https://t.co/0LMlF1qcmG
— jack (@jack) September 30, 2020
Brian Armstrong responded with: “Totally agree. We are political about one thing: our mission. (This includes Bitcoin, crypto, economic freedom, etc.).”
Brian Armstrong is the co-founder and CEO of Coinbase, one of the largest crypto exchanges in the world (its reported Coinbase holds 966,230 Bitcoin ($7B) in Cold Wallet). Prior to his involvement with the blockchain and Coinbase, Armstrong worked at Deloitte and Touche as an Enterprise Risk Management Consultant.
Co-founder and CEO of Twitter and Square, Dorsey has been an advocate for Bitcoin since the early days. Having launched a crypto division of Square early this year (called Cash App - which helps newcomers buy Bitcoin), Dorsey is now making plans to lead the way to mass BTC adoption in Africa.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.