Square is betting heavily on Bitcoin

At this point it should no longer surprise anyone how important Bitcoin Trader has become in recent years. Breaking through the wall that separated the traditional market from the crypto market, to the point where more and more traditional companies are involved with BTC and virtual currencies. A trend that companies like Square are a reflection of. That’s why Scott Melker highlights that Square is betting heavily on Bitcoin in the Tweet of the Day:

Bitcoin, Tesla and Square: Best Investments of 2020?

Square’s relationship with Bitcoin
Few people in and out of the crypto world have shown greater commitment to Bitcoin than Jack Dorsey. For the founder and CEO of Twitter, the world’s first crypto currency is not only a state-of-the-art product, but a hope for building a new, fairer and more efficient financial system.

Therefore, when Dorsey founded a new payment processing company, called Square, it became clear that it would quickly enter the group of companies allied with the crypt world. Since then, it has offered multiple capacities for the storage and transfer of crypto assets legally in the United States.

However, the best example of Square’s enormous commitment to the crypto market is the company’s investment in Bitcoin. Thus, Square has invested more than $1.5 billion in BTC just during 2020, in what represents one of the largest samples of support to cryptoactive as mentioned by Scott Melker in his Twitter account:

„You know that @Square has bought $1.5 billion in #Bitcoin just this year, right?“

In this way, Melker highlights not only the importance of Bitcoin for Square’s business strategy. He also shows how crypto currencies are becoming more and more essential for companies inside and outside the crypto community. This has driven demand for BTC so far in 2020.

 

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