There is big player enter the cryptocurrency market. After Tesla and mastercards, now fintech payments owned by Twitter boss Squre, have also bought Bitcoin worth $170 million. This note is in the company’s fourth quarter financial report.
These funds were used to buy 3,318 Bitcoin. Then, In October 2020 Square announced that it had purchased 4,709 Bitcoin. In 2020, Square’s management disclosed 5% of its assets in the form of Bitcoin.
“This investment is part of Square’s ongoing commitment to bitcoin, and the company plans to assess its aggregate investment in bitcoin against other investments on an ongoing basis,” the company said in its earnings release, citing the company. CNBC International, Wednesday (24/2/2021).
Bitcoin suddenly became the talk after Tesla Inc announced an investment of US $ 1.5 billion in cryptocurrency this popular. The investment rationale was for “more flexibility to further diversify and maximize our cash returns.”
Moreover, One of the risks associated with Bitcoin is its tremendous price volatility. Tesla’s share price is now directly linked to the price of bitcoin, according to Wedbush analyst Daniel Ives.
The entry of these big players means that investors have a great opportunity for Bitcoin adoption and acceptance in the future because large companies have entered into this business. Previously, PayPal announced that it would allow Bitcoin buying and selling transactions and payments using Bitcoin on its Platform.
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