Posted: 2020-10-08 20:20:41
Why Square went on a $50 million Bitcoin buying spree
From Jeff at The Ledger – Fortune
Originally published 2020 10 08
The fintech giant Square announced on Thursday morning that it bought 4,709 Bitcoins for the price of $50 million, noting that the purchase amounted to 1% of the company’s total assets.
Square is the second publicly traded company to make such a bet, following a $250 million Bitcoin purchase by MicroStrategy, a Virginia-based software intelligence firm. In both cases, the purchases amount to a long-term bullish bet on Bitcoin.
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