In October, news broke that Square (SQ), the payment processing company, had made a $50 million investment into the cryptocurrency Bitcoin. For some market participants, this seems odd. For others, this was a genius move by the founder of Square and Twitter (TWTR), Jack Dorsey, while others were not sure about this decision and just wanted to sit on the sidelines and watch this all play out.
Before we go any further, I want to clarify that I am not a Bitcoin bull, and at no time have I ever owned Bitcoin, or do I plan on owning the cryptocurrency in the near future. I have even written over the years about how and why I don't believe Bitcoin will "rule" the world as some believe. With that all being said, I am also able to admit that I am not the smartest person in the room, and I have been wrong about investments in the past, Bitcoin to this point being one of them.
Jack Dorsey, whom I would consider an extremely intelligent person believes differently than I do because he does advocate for Bitcoin and in 2018 even went on record saying Bitcoin will eventually become the world's 'single currency.' Jack Dorsey believed in Bitcoin's long-term prospects and was willing to put $50 million behind his beliefs. Continue reading "Square Buys Bitcoin, What Does This Mean For The Crypto-Currency"