Happy Thursday, Blockfolians
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?
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:
Square IR @SquareIRToday, @Square announced that it has purchased $50M in bitcoin. Square believes cryptocurrency is an instrument of economic empowerment and provides a way to participate in a global monetary system, which aligns with the company’s purpose. For more, visit https://t.co/HPhSMfVgac.
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
Do exchanges need more clarity on tax reporting? That’s what the IRS inspector general thinks.
Arthur Hayes steps down as BitMEX CEO
Gemini nabs a former Morgan Stanley executive
More than $26m that was stolen from Bitfinex in 2016 is on the move
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.
Joe Weisenthal @TheStalwartThis is an exceptionally good essay from @aaronwistar about the politics of MMT https://t.co/BJhB53Uwv7
A Really Big Number We Should Be Paying Attention To
That’s the total value of venture capital invested into blockchain and crypto last quarter, spread across 212 deals.
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.