Is BTC Heading for $11k or Beyond?

8 Oct, 2020 CryptoParrot

Square, a NYSE-listed company led by Twitter CEO Jack Dorsey has revealed it has acquired 4,700 BTC ($50 million) as part of a new investment strategy. Following on from this news BTC price rallied and once again flirts with the $11k level.

In recent months we have seen a growing interest from institutional investors jumping on the crypto train, which appears to be instilling some fresh confidence in BTC price. Not so long ago MicroStrategy made waves with their $400+ million investment in Bitcoin (a purchase worth more than 38k BTC).

According to Ryan Selkis, CEO of Messari this investment represents 1% of Square’s total assets making it a bigger investment than that of MicroStrategy. A primary goal of Square is to build a product base that is geared towards a more inclusive future, and this investment aligns with that purpose. Furthermore, Square’s CFO Amrita Ahuja stated that the company believes that bitcoin is an asset of economic empowerment and has the potential to pave the way for the world to participate in a global monetary system and become a more universal currency in the future.

Could this newfound interest in BTC be signaling a wave of corporate adoption? Who will be next?

 

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CryptoParrot

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