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.
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.
Dorsey’s Cash App began offering BTC purchases back at the end of the crypto bubble but has built itself
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