It has come as no surprise to any Bitcoiner that corporate money is entering the space, but the amount of money coming in has rocked the world.
MicroStrategy were the first major corporation to buy Bitcoin. Earlier this summer the software firm announced it had spent $425m getting hold of 38,250 bitcoins, becoming the vast majority of its treasury.
MicroStrategy CEO Michael Saylor said at the time, that he looked at the state of the macroeconomy, and likened MicroStrategy’s treasury of $500m in cash to ‘a melting ice cube.’
Saylor said he did months of homework on Bitcoin, and quickly made his decision to buy Bitcoin instead of seeing MicroStrategy’s ‘ice cube melt away at 10% a year’.
Square, Inc. followed shortly after announcing on Thursday it had bought 4,709 bitcoins for an aggregate price of $50m.
The payments company also laid blame on the state of the economy as it looked to store its value in a safe haven.
‘Given the rapid evolution of cryptocurrency and unprecedented uncertainty from a macroeconomic and currency regime perspective, we believe now is the right time for us to expand our largely USD-denominated balance sheet and make a meaningful investment in bitcoin,’ said a Square spokesperson. Read More