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$SQ Today Square announced the purchase of $50 million in Bitcoin.
I believe this Bitcoin purchase portends a much more profound move by Square. A move that will move the stock price bigly. A thread…
https://squareup.com/us/en/press/2020-bitcoin-investment
@_SeanDavid @cperruna @saxena_puru @Square
I believe this Bitcoin purchase portends a much more profound move by Square. A move that will move the stock price bigly. A thread…
https://squareup.com/us/en/press/2020-bitcoin-investment
@_SeanDavid @cperruna @saxena_puru @Square
$SQ First, I need to reiterate some old news to provide context:
1.Founder @jack is a major proponent of bitcoin.
2.Square launched Square Crypto in early 2019. Square Crypto’s purpose is, “aimed at making bitcoin the planet’s preferred currency" https://squarecrypto.org/
1.Founder @jack is a major proponent of bitcoin.
2.Square launched Square Crypto in early 2019. Square Crypto’s purpose is, “aimed at making bitcoin the planet’s preferred currency" https://squarecrypto.org/
3. @jack is an investor in Lightening Labs, which focuses on the buildout of the Lightning Network to allow fast transactions & the scalability of bitcoin as a transactional currency.
This is critical for bitcoin to be a mainstream currency. https://lightning.engineering/
This is critical for bitcoin to be a mainstream currency. https://lightning.engineering/
4.$SQ In early 2020 Square Crypto announced it was building a Lightning Development Kit (LDK) to provider developers an improved ability to integrate with Lightning. https://medium.com/@squarecrypto/what-were-building-lightning-development-kit-1ed58b0cab06
5. When asked in 2019 if $SQ might integrate Lightning Network with CashApp, @jack stated, “It’s not an ‘if,’ it’s more of a ‘when,’ and how do we make sure that we’re getting the speed that we need and the efficiency,” https://www.coindesk.com/square-bitcoin-jack-dorsey-lightning-cash-app
@jack continued to say, “We don’t think it stops at buying and selling [bitcoin]. We do want to help make happen the currency aspect.”
I mean c'mon, boom! $SQ
I mean c'mon, boom! $SQ
6. In January 2020 $SQ was granted a patent for their "Cryptocurrency payment network," allowing a Buyer to pay in one currency, including Crypto, while the Seller receives payment in a different currency.
Sum it all up, and you can see that $SQ has been systematically laying the building blocks to enable bitcoin as a mainstream currency that can be used by Square Seller’s and CashApp customers.
That brings us to today, when $SQ announced the purchase of $50 million in bitcoin.
That brings us to today, when $SQ announced the purchase of $50 million in bitcoin.
$SQ Why would Square purchase $50 million in bitcoin? In my view this move is intended to address another roadblock for Sellers to accept bitcoin, the volatility of bitcoin prices.
Therefore, I suspect this bitcoin purchase portends another announcement from $SQ: soon offering Sellers and CashApp customers the ability to sell and buy using bitcoin.
With the patent mentioned above, the buyers and sellers don’t need to select the same currency.
With the patent mentioned above, the buyers and sellers don’t need to select the same currency.
By maintaining a pool of bitcoin, $50 million worth, $SQ can offer stability for the transactions it is processing while hedging risk for Square.
