BREAKING: SQUARE BUYS $50M BTC

Plus a leadership shakeup at BitMEX after last week's DOJ/CFTC action

Happy Thursday, Blockfolians

The Lede

WOW.

When MicroStrategy moved $425m of its cash reserves into bitcoin in Aug/Sep, the question on many people’s minds was: who will be next?

Jack Dorsey answers our questions about Square's plans for Bitcoin

Square answered that question in resounding fashion today, putting 1% of their treasury into bitcoin with a $50m buy.

While the overall number may be lower than MicroStrategy’s, many argue that the move is more significant:

Indeed, Square appears to have considered this, and has even documented their buying process for others who are interested:

Whatever your take, it’s hard not to see this as insanely bullish news, and something that will continue to advance bitcoin’s march to the mainstream.

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Highly Relevant Reading


Community Commentary

On the one hand, this tweet is intentionally provocative. On the other hand, it’s kicking up some decent conversation.
 MMT is the political-economic foil to Bitcoin — and it has a lot of momentum.

A Really Big Number We Should Be Paying Attention To

$897.7M

That’s the total value of venture capital invested into blockchain and crypto last quarter, spread across 212 deals.


Final Thought

In all the conversation about MicroStrategy and Square, don’t forget the Egyptian expats who converted their restaurant chain’s cash to bitcoin after experiencing currency devaluation.