Breaking Down Square’s Bitcoin (BTC) Position

The recent push to the $1 trillion bitcoin market cap can at least be partially attributed to institutional investors; firms investing on the behalf of others or as part of their asset allocation strategies. Square, One of the Largest Corporate Holders of Bitcoin Alongside MicroStrategy, now Tesla, Square is one of the largest institutional purchasers of the asset. However, unlike these other two companies – Square purchases bitcoin to provide it to its users directly through its app. A potential signal on the strong retail interest behind bitcoin, a driving force behind Bitcoin’s rally to $57K. The CEO of Square, the publicly traded financial payments company, aiming to disrupt traditional finance, Jack Dorsey, is a staunch supporter of bitcoin. Bitcoin, Blockchain and the Black Community – CoinDesk — jack (@jack) February 25, 2021 “Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the…

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