Square Just Bought $170 Million of Bitcoin, Will Apple Follow Suit?
Square just bought $170 million of Bitcoin.
It now has 5% of all its cash in bitcoin.
The merchant processing company headed by CEO Jack Dorsey bought a total of 3,318 more Bitcoins, and now hold 8,027 BTC worth a total $385 million.
Bitcoin recently surpassed $50,000 a coin in value for the first time. It has been a meteoric rise for the cryptocurrency.
Bitcoin is now also reportedly the fifth largest currency in the world.
Tesla recently revealed it bought $1.5 billion in bitcoin, which means Tesla, and its founder Elon Musk, have poured nearly 10% of the company’s cash holdings into bitcoin.
The question now is, what other companies are going to invest in bitcoin and hold it as an asset?
Apple has over $195 billion in cash. Should Apple decide to hold some portion of that in bitcoin, it could have a ripple effect across corporations worldwide, where holding bitcoin is standard practice.
If that happens, the price of bitcoin would skyrocket once again.
For those considering investing in Bitcoin, beware of the volatility! Bitcoin can jump to record highs, and then suddenly lose half it’s value before climbing again. That’s why the famous phrase with Bitcoin is HODL - hold on for dear life!
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