After the crypto market suffered one of its worst corrections in several weeks, due to statements by Secretary of the Treasury Janet Yellen, many had lost hope in cryptocurrencies. However, for some investors, this was just an opportunity to buy cheap Bitcoins before their price rises again. That seems to be the case with the Square company, which bought $ 170 million in Bitcoin as Anthony Pompliano commented in the Tweet of the day:
BREAKING: Square just announced they purchased another $ 170 million worth of bitcoin for their balance sheet.
This brings their total bitcoin exposure to approximately 5% of their cash assets.
– Pomp 🌪 (@APompliano) February 23, 2021
Square is still betting on Bitcoin
Despite having experienced the largest increase in its contribution since its birth eleven years ago. Bitcoin remains extremely susceptible to external impulses. So when Treasury Secretary Janet Yellen criticized Bitcoin in recent statements, the price of the cryptocurrency plunged. And next to it, the entire crypto market.
However, while some announced once again the definitive collapse of cryptocurrencies. The main crypto influencers and investors of the world, remained firm in their positions in Bitcoin. Even taking advantage of the drop in price to acquire cryptocurrencies with low prices.
Square bought $ 170 million worth of Bitcoin after its price plummeted. Source: CoinDesk
This appears to be the case for Square. The company founded by Jack Dorsey, which for more than a year has been increasing its participation in the crypto world, not only offering services related to cryptocurrencies, but also directly buying Bitcoin as an asset store of value. Investing this time 170 million dollars in BTC:
NEWS: Square just announced that it has purchased another $ 170 million worth of Bitcoin for its balance sheet. This brings your total exposure to Bitcoin to about 5% of your cash assets. ‘
In this way, a top-tier company in the United States like Square, would be giving a boost to Bitcoin in the middle of the fall in its price. Following the trend set in motion since last year by MicroStrategy, of large traditional companies betting ever stronger on the crypto market.
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