What happens when a highly visible publicly-traded company makes a bold move and puts crypto on its balance sheets? Well, this week we found out as crypto Twitter went bananas and mainstream financial news was a buzz on the announcement that Square, Inc, dropped $50 million dollars into Bitcoin.
Well, take a look at what people are saying about this bullish move by Square’s CEO Jack Dorsey as well as why every United states congressperson now owns Bitcoin. It looks like the Bulls are lining up to make the run on this week’s Exodus Crypto News! It would be difficult to place the news that Square, a publicly-traded company added $50 million dollars in Bitcoin, a total of about 4709 coins to their balance sheet in any other place than first because of its current and future implications for the future of crypto.
Square is currently the second public company, after Microstrategy, to make this decisive move amongst the context of the US FED endlessly printing money, which will eventually lead to inflation, meaning every dollar companies hold in cash on their balance sheets will slowly have its value deteriorate. It doesn’t take an economist to understand then why Jack Dorsey, who is CEO of Square and Twitter, would lead this move to make about 1% of Square’s balance sheet include bitcoin.
Willy Woo, a well know crypto thought leader re-tweeted last night a prediction he had made only 20 days ago that @jack oversees a cash reserve of $10b that’s inflating away. He has only one word in his Twitter profile, and that’s #Bitcoin This move Squarely legitimizes BTC because publicly traded companies shouldn’t invest in shady assets with poor fundamentals. Is this a harbinger of things to come? Let us know in the comments if you feel this is the beginning of a trend and why.
Who do you think will be next? Lark Davis said on Twitter: Apple, Microsoft, Facebook, Amazon, and Google have close to 600 billion in cash between them, 1% allocated to #bitcoin would be 550,000 $btc or 25% of the available supply on exchanges! To which CZ, CEO and founder of Binance repliedWait till they move to 10% mode, lol.
This is a very bullish signal for the Crypto ecosystem because these companies are long-term holders and their boards are unlikely to be sellers during the next dip. Click the Exodus blog link above to get an in-depth look on what Squares massive purchase means for Bitcoin.
More bullish news as this week every member of the US congress was sent $50 in bitcoin by the Chamber of Digital Commerce in a drive to help educate the US lawmakers about Bitcoin. This particular Bitcoin is being promoted to Capitol Hill as American Bitcoin that was mined by Core Scientific, a US-based company with mining farms in Kentucky and North Carolina connected to a mining pool, Luxor whose servers are in Iowa.
The six-year-old Chamber of commerce is a crypto lobbying group that advocates for regulatory clarity around crypto including Tax guidance, Securities, and Anti-Money laundering laws.
It’s good to have a friend in Washington. Not to be left out of the bullish news, Google Cloud is venturing further into the technology of crypto by joining, none other than the EOS as a block producer. Google cloud services develop and manage cloud services and fibre optic networks.
The EOS price jumped about 17% on the news before losing about half of the gains 24 hrs later. Google followed up this news by announcing that they do not plan on taking EOS block rewards and is not interested in the tokens. It is strictly getting into this space as an infrastructure play.
No matter how you feel about EOS or Google, this is bullish for crypto because as we mentioned earlier in the program, every time a major public company takes an interest in crypto, the legitimacy of the technology is improved.
So what does all this bullish news mean for you? If you’re a Hodler of last resort it means your investment in crypto may pay off in the long term, If you’re not in the ecosystem yet, it means there will be more frictionless opportunities to get into crypto in the near future even as assets like Bitcoin are getting scarcer.
It means that innovation in the crypto space will take off and we’ll see more exciting uses for the blockchain than we can even imagine right now.
For example, when the internet was young, it was only used for email, which at that time was absolutely mind-blowing! But, then came the Web — a true game-changer that evolved into something which most businesses and the world at large cannot function without.
I see the advent of crypto and the blockchain as the next building block in that progression, for example — someday soon you may be closing a deal on a piece of real estate, with a smart contract serving as your broker.
Make sure to hit that like button and subscribe to the channel for more crypto videos from Exodus and join the conversation, let us know what you think the future of crypto looks like. Until next time, HODL on!.
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