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Opinion

The Market Reacts to Square’s $50M Bitcoin Buy

Reactions from Bitcoin Twitter and beyond as Square puts 1% of its treasury assets into bitcoin.

By Nathaniel Whittemore
AccessTimeIconOct 8, 2020 at 4:16 p.m. UTC
Updated Sep 14, 2021 at 10:06 a.m. UTC
AccessTimeIconOct 8, 2020 at 4:16 p.m. UTCUpdated Sep 14, 2021 at 10:06 a.m. UTC
Breakdown 10.8
AccessTimeIconOct 8, 2020 at 4:16 p.m. UTCUpdated Sep 14, 2021 at 10:06 a.m. UTC

Reactions from Bitcoin Twitter and beyond as Square puts 1% of its treasury assets into bitcoin.

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This episode is sponsored by Crypto.com, Nexo.io and Elliptic.

A special breaking edition of The Breakdown follows the market’s reaction to Square’s surprise $50 million bitcoin investment. 

NLW breaks down the foundations for the investment, including:

  • 2020’s alignment between the bitcoin narrative and structural economic realities
  • An increase in bitcoin’s perceived resilience
  • The precedent set by MicroStrategy

He also discusses the market’s reaction, from the (potential) connection to Coinbase’s “apolitical” stance from last week to the notion of Square intentionally setting a framework others can follow. 

See also: Square Puts 1% of Total Assets in Bitcoin in Surprise $50M Investment

For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS.

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