Square bought 3,318 more bitcoins for a total of $170 million. This follows a previous purchase and recent purchases by Microstrategy and Tesla. Of course, we also have entities like PayPal, Bakkt, Grayscale, etc buying Bitcoin as well.
Unlike the average investor, when companies like this buy Bitcoin it generally isn’t going to be finding its way back into the market.
Whether this is short-term bearish or bullish for Bitcoin or Square is unclear, but the increased adoption is more than just a fad. Heck, one has to remember Square has been in Bitcoin for a while with their Cash App, and it is one of the more popular and more accessible platforms for Bitcoin. So in this sense, the fintech giant is just putting their money where their mouth is.
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