First Mover: Bitcoin Hits $11K as Square Exposes $2.3T Corporate Money Pot
Square's $50M bitcoin purchase has analysts doing back-of-the-envelope math on the possibility of rising allocations from corporate treasurers.
Related News
Tesla has forged a path that other corporate treasurers might follow into bitcoin. PLUS: Ether hits new record price above $1,800 as CME futures debut.
The CEO of Square Inc. says that “bitcoin changes everything for the better.” His comment followed one from Square’s CFO reaffirming the company’s corporate bitcoin strategy. The CEO also made a commitment to “forever work to make bitcoin better.” Meanwhile, Square and Ark Invest have published a report arguing “for bitcoin as a key driver of renewable energy’s future.” ‘Bitcoin Changes Everything for the Better’ Following a comment from Square’s chief financial officer, Amrita Ahuja, stating that the company has not....
The recent push to the $1 trillion bitcoin market cap can at least be partially attributed to institutional investors; firms investing on the behalf of others or as part of their asset allocation strategies. Square, One of the Largest Corporate Holders of Bitcoin Alongside MicroStrategy, now Tesla, Square is one of the largest institutional purchasers of the asset. However, unlike these other two companies – Square purchases bitcoin to provide it to its users directly […]
Analysts are still mostly bullish on the cryptocurrency's price, even at lofty levels compared with those just a few months ago.
Two large corporate entities are pouring big money in cryptocurrencies, and the corporate surge into Bitcoin doesn’t appear to be slowing down. With its bold 1 billion yen ($6.7 million) Bitcoin acquisition, Japanese game producer Gumi is creating waves. Meanwhile, KULR Technology Group is also growing its already considerable cryptocurrency holdings. Related Reading: Bitcoin Sentiment Hits […]