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.
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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.
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