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Bitcoin is about to have a big new buyer. And they’re one of the largest publicly traded payments companies in the world.
What’s happening:
- Jack Dorsey founded payments company Block (NASDAQ:SQ) has announced they plan to begin purchasing Bitcoin with 10% of their profits from their Bitcoin related operations on an ongoing basis
Why it matters:
- The demand for Bitcoin has been on a relentless rise, with the United States seeing their first ever spot Bitcoin ETFs list on major stock exchanges and countries such as Hong Kong beginning to launch their first ever digital asset ETFs
By the numbers:
- Block currently owns over 8,000 Bitcoin already which has a current market value of more than $573M USD
- Block recently announced approximately $80M USD in gross profit from their Bitcoin related operations
Going deeper:
- The recent announcement from Block comes just shortly after the company announced that Square merchants could convert up to 10% of their sales directly into Bitcoin through the Cash App
The intrigue:
- Jack Dorsey has been a long time advocate for Bitcoin ownership, having been one of the first influential tech founders out of Silicon Valley to publicly state his view around decentralized digital assets being important for the future
