When the Square company bought $ 170 million of Bitcoin, it became a fresh blood to the markets just at the time of the decline. The charts started to show an upward trend again.
Twitter’s founder Jack Dorsey’s interest in cryptocurrencies continues. Dorsey, who will pay the expenses in Bitcoin on Twitter, is also collecting Bitcoin himself. It recently prepared a startup support fund worth 500BTC. This time, an institutional move came.
Square firm bought Bitcoin
It turned out that Square, one of the leading companies in mobile and contactless payment, recently bought 3318 BTC for $ 170 million. It was on the agenda that Tesla also invested 1.5 billion dollars in BTC in the past days.
Bitcoin, which has been in decline since the weekend and touched the $ 45000 level, also puzzled the market. The decline was stopped by the news that Tether firm compromised with the US prosecutors and closed the case without much damage and Arab investors planned to buy around $ 4.5 billion in BTC. When the news of the Square company came, BTC started to move around the level of 50 thousand dollars again.
The interesting thing is that the Square firm bought its BTC assets at around $ 51000. So he bought at the high time, not the lowest time. It is at some loss at the moment, but probably the economy management will see the rise in the next period and has made a purchase decision.
— Christian Fromhertz (@cfromhertz) February 23, 2021