Square, the mobile payments company founded by Twitter Chief Executive Jack Dorsey, recently announced it had acquired 4,709 BTC. This figure corresponds to 1% of the firm’s total reserve assets.
The announcement caused great excitement in the Bitcoin (BTC) community, as Square has a bitcoin payments feature on the Cash App. While the financial company has joined a growing number of firms as a mutual fund to Bitcoin this year, Square’s shares have skyrocketed in the wake of the news.
BTC pioneers say it’s only a matter of time before PayPal picks up Square’s move and jumps on the BTC train. Since PayPal is naturally a competitor of Square, it is very normal for it to make this move. In June, the digital payments company was said to be considering offering crypto trading services to its 305 million users.
Andy Edstrom, author of” why we should buy Bitcoin, ” pointed to the underlying reason, saying that Wences Casares, one of PayPal’s 2016 board members, is no longer part of the payment company’s executives.
It’s an indication that PayPal will soon make a move with Bitcoin, as Wences is in a conflict of interest with the payments giant because Wences owns Xapo.
Edstrom said::
SQUARE STOCK IS FAR OUTPERFORMING PAYPAL STOCK. SQUARE HAS BITCOIN, BUT PAYPAL DOESN’T. WENCES SEEMS TO HAVE LEFT PAYPAL. OR WILL PAYPAL OFFER BITCOIN SERVICES?
Edstrom’s thoughts are backed by Galaxy Digital founder Mike Novogratz, long known as the bitcoin whale. The CEO supported Edstrom in a tweet of his thoughts and said::
THE BIGGEST NEWS COMES FOR BITCOIN IN 2020. 2020 HAS BEEN A GOOD YEAR FOR BITCOIN.
Bitcoin’s Year is 2020
Bitcoin has made significant gains this year. Coronavirus outbreak in the midst of mainstream cryptocurrency, the Federal Reserve, stimulus packages, and inflation mainly offer the 2% target over the plan to remove the depreciation of the U.S. dollar as a result of mass pressure in the market due to significant gains recorded.
As the US dollar depreciated, investors flocked to Bitcoin and began to view the asset as a hedge fund.
