Connect with us
nairametrics

Cryptocurrency

Square buys $50 million worth of Bitcoins

Twitter’s Jack Dorsey on October 8th disclosed it purchased, 4,709 bitcoins at an estimated worth of $50 million.

Published

on

Square buys $50 million worth of Bitcoins, Twitter warns political figures to abstain from fake, misleading statements, Has Twitter's Jack Dorsey changed the popular narrative attached to Nigerians?, Twitter forecasts future drop in revenue after milestone record in 2019 Q4 , Twitter founder, Jack Dorsey invest N2.3 million in Nigerian startup, DevCareer , Some Verified accounts may not be able to tweet, as Twitter freezes password reset to address cyberattack

Square, Inc. (NYSE: SQ) led by Twitter’s Jack Dorsey on October 8th disclosed that it purchased, 4,709 bitcoins at an estimated worth of $50 million.

Square added it invested in cryptos because it saw it as a tool for economic enhancement via participation in the future of payment systems, which aligns with Square’s objectives.

READ: Thrive Agric: Investors cry foul play over delayed returns

The investment represents approximately one percent of Square’s total assets as of the end of the second quarter of 2020.
“We believe that bitcoin has the potential to be a more ubiquitous currency in the future,” said Square’s Chief Financial Officer, Amrita Ahuja.

“As it grows in adoption, we intend to learn and participate in a disciplined way. For a company that is building products based on a more inclusive future, this investment is a step on that journey, ” she stated.

GTBank 728 x 90

READ: Ripple Whale transfers 20,000,000 XRP to Binance

Why it’s happening; Recall some months ago Nairametrics broke the news that a publicly-traded company based in America, MicroStrategy recently adopted Bitcoin as a treasury reserve asset to hedge against fiat inflation. This is a big deal and it’s good to see BTC’s being used as intended – a hard money/savings instrument.

Ekene Ojieh, Head of Public Relations and Corporate Strategy at Buffalo Chase, a crypto analytic firm in a note to Nairametrics spoke on the initial skepticism that traditional banks and global financial regulators had on bitcoin, which looks to be changing now, saying: “The last decade has been quite challenging for bitcoin and the crypto space despite the enormous price increase. Regulators, investors, and mainstream traders were skeptical about bitcoin because of its volatility and how bitcoin works. In recent times, we have seen growth in the adoption of bitcoin and other cryptocurrencies in general; regulators, banks, are finding an entry point into the crypto space. In addition, the market cap of both gold and bitcoin, 9 trillion dollars, and 117.81 billion dollars respectively, shows that bitcoin still has a lot of potentials. Going by this trajectory, bitcoin is expected to gain more grounds, increase in value, and also be widely used/accepted”

GTBank 728 x 90

READ: Facebook unveils F2 for payment and commerce plans, appoints David Marcus to head group

About Square, Inc.

  • Square, Inc. (NYSE: SQ) builds tools to empower businesses and individuals to participate in the economy.
  • Sellers use Square to reach buyers online and in-person, manage their businesses, and access financing. And individuals use Cash App to spend, send, store, and invest money.
  • Square has offices in the United States, Canada, Japan, Australia, Ireland, Spain, and the UK.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Member of the Chartered Financial Analyst Society. University of Pennsylvania: Power of Markets, IBM Enterprise Design Thinking. You can follow Olumide on twitter @tokunboadesina or email [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Cryptocurrency

China bans people selling Crypto

China has placed a ban on entities from issuing Crypto

Published

on

A new survey has shown that though many crypto exchanges affirm their commitment to warding off criminals who aim to launder money and fund terrorist activities, Crypto: Investors flocking in large numbers into altcoins

The world’s second-largest economy, China just recently published a draft law that seems to ban entities from issuing digital cryptos.

This could be the first time the word ‘Crypto’ has appeared in any of China’s formal laws.

The new draft of legal comments cited on Fxstreet, clearly states that no individual or unit can produce or sell tokens to replace CNY in circulation in the market.

The violation of this law will have severe consequences according to the draft which reads:

“For anyone that violates such regulation, the PBoC will halt such activities and forfeit any proceed from the making and selling of yuan-backed digital tokens and issue a fine that is up to five times of the involved proceeds.”

GTBank 728 x 90

 

Continue Reading

Cryptocurrency

Bitcoin whale transfers $112 million worth of BTC

BTC whale moved 8,701 BTC in block 653,929, estimated to be worth about $112million.

Published

on

cryptocurrency, Bitcoin whale transfers $104 million worth of cryptos

Bitcoin whales are keeping up their pace in the last quarter of the year especially as prices hover over $12,800.

Data obtained from Bitcoin Block Bot, a crypto analytic tracker, revealed that a BTC whale moved 8,701 BTC in block 653,929, estimated to be worth about $112million, some minutes ago.

READ: Two strange Bitcoin whales transfer $290 million worth of Crypto

READ: Large BTC entity transfers over $100 million worth of Crypto

GTBank 728 x 90

Bitcoin price at the time of writing traded at $12,873.76 with a daily trading volume of $25,438,932,778. BTC price is up 0.9% in the last 24 hours. It has a circulating supply of 19 Million coins and a max supply of 21 Million coins

Why it is happening: Global investors and crypto-traders are now preserving some of their profits in digital assets, as the crypto market is awash with cheap money coming from stimulus packages from global central banks and global inflation hitting a record high.

While it is difficult to predict market movements, BTC whales have shown historically that they often determine the BTC trend.

GTBank 728 x 90

READ: Cryptos: Nigerian financial experts talk risks associated with trading digital assets

Explore Data on the Nairametrics Research Website

What you should know

  • At the BTC market, investors or traders who own large amounts of bitcoins are typically known as Bitcoin whales.
  • This means that a BTC whale would be an individual or business entity (with a single Bitcoin address) that owns around 1000 coins or more.
  • As BTC whales accumulate BTCs, Bitcoin’s circulating supply reduces, and this can weaken any bearish trend bitcoin finds itself in.
  • Meaning that over time, it’s possible that as BTC approaches its fixed supply of 21 million, the price of BTC will go up, with BTC’s present demand factored in.

READ: Bitcoin could reach $225,000 by 2021

Jaiz bank ads
Continue Reading

Cryptocurrency

#EndSARS: Feminist Coalition raise Cryptos worth $126,000

Feminist Coalition has raised about 9.9 Bitcoins and other cash donations totaling N77.19 million for the #EndSARS movement.

Published

on

#EndSARS: Feminist Coalition raise Cryptos worth $126,000, #EndSARS: Protesters launch helpline centre, online radio platform, 'Soro Soke', EndSARS Protest: Feminist Coalition group raise additional N31 million crowdfund in four days

Feminist Coalition, a non-governmental organization originally created to push for gender equality in Nigeria, has become the forerunner of support for the #EndSARS protests. They joined millions of other Nigerian youths across the country to call for police reforms and have raised about 9.9 Bitcoins and other cash donations totaling N77.19 million.

Bitcoin, at the time of this report, traded at $12,887.81 with a daily volume of $27 Billion. BTC price is up 1.1% in the last 24 hours. This means the value of their crypto donation has now reached $126,720.

READ: EndSARS Protest: Feminist Coalition group raises additional N31 million crowdfund in four days

The funds have been largely disbursed to support the protests with hospital bills for injured protesters, food, water, first aid supplies, and more.

READ: #EndSARS: President Buhari asks international community not to make hasty decisions on developments

GTBank 728 x 90

READ: #EndSARS: Nigerian ex-presidential aspirant, Adamu Garba sues Twitter and its founder, Jack Dorsey for $1 billion

Why this matters

  • The donations are used in providing medical and legal bills for some Nigerians arrested in recent days, and most importantly to hire private security guards in protecting them against armed gangs, who of late have tried to discredit the theme of the peaceful protests.
  • Another critical reason many Nigerian millennials use crypto amid protest for police reforms is that the #EndSARS protests in principle are decentralized. There is no known centralized authority coordinating the protest and the much advantage cryptos have over fiat currencies is that they are decentralized finance assets, meaning funds can’t be controlled, blocked, or disengaged by any central authority.
  • Also, crypto donations are very secure, and privacy concerns kept at a minimal level, on the basis you don’t disclose your personal details when making such transfers.

READ: #EndSARS: How Nigerian football players have reacted

GTBank 728 x 90
What you should know

The Feminist Coalition is a group of young Nigerian feminists formed in July 2020, with a  vision of a country where equality for all people is a reality in our laws and a mission to champion equality for women in Nigerian society.

Its core focus is on education, financial freedom, and representation in public office.

Explore Data on the Nairametrics Research Website

Continue Reading
Advertisement
Advertisement
Advertisement
ikeja electric
Advertisement
Advertisement
Patricia
Advertisement
FCMB ads
Advertisement
IZIKJON
Advertisement
Fidelity ads
Advertisement
first bank
Advertisement
bitad
Advertisement
Stallion ads
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement