At this point it should not surprise anybody the importance that it has gained Bitcoin in the last few years. Breaking down the wall that separated the market, the traditional market of the cryptocurrencies, to the point that more traditional companies are involved with BTC and virtual coins. A trend that companies such as Square are a reflection of that. Why Scott Melker highlights that Square strong bet for Bitcoin in the Tweet of the day:
The relationship of the Square with Bitcoin
Few people within and outside of the crypto world have shown a greater commitment with Bitcoin that Jack Dorsey. And that is, to the founder and CEO of Twitter, the first criptomoneda of the world is not only a technological product tip, but a hope for the construction of a new financial system more fair and efficient.
Therefore, when Dorsey founded a new payment processing company called Square, it was clear that the same would go quickly in the group of companies allied to the crypto world. Offering since then numerous capacities for the storage and transfer of crypto assets of legal form in the united States.
As Square bet strong by Bitcoin their actions do not stop growing. Source: Yahoo Finance
However, the best sample of the huge commitment of Square with the crypto market is located in the company’s investments in Bitcoin. Well, Square has invested more than 1.5 billion dollars in BTC only for the year 2020, which represents one of the greatest examples of support for the criptoactivo as mentioned by Scott Melker on his Twitter account:
“Do you know that @Square has purchased 1.5 billion dollars in #Bitcoin this year alone, right?“
In this way, Melker highlights not only the importance of Bitcoin to the business strategy of Square. But, lets see as the cryptocurrencies are becoming more and more essential for companies within and outside of the crypto community. What has driven the demand for BTC in the year 2020.