Money This is what JPMorgan thinks of Squares $ 50 million Bitcoin investment

04:50  23 october  2020
04:50  23 october  2020 Source:   finanzen.net

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Square ’s recently announced $ 50 million investment in bitcoin (BTC) is a While Square ’s $ 50 million investment pales next to MicroStrategy’s recent 5 million loading up of the cryptocurrency, JPMorgan ’s global market strategists wrote that Square is likely to make more purchases.

JPMorgan analysts said Tuesday that Square Inc’s (NYSE: SQ) recent $ 50 million Bitcoin investment is a marker of the potential of the cryptocurrency as an asset, CoinDesk reported Monday. What Happened: The bank’s market strategists said in a report that the Jack Dorsey-led company is

The payment service provider Square, founded by Twitter CEO Jack Dorsey, has long been considered a proponent of cryptocurrencies. Just recently, Square made a roughly $ 50 million bitcoin purchase. JPMorgan therefore sees the payment intermediary in a pioneering role.

DANIEL ROLAND/AFP/Getty Images © Provided by Finanz.net DANIEL ROLAND / AFP / Getty Images

• Square bought 4,709 Bitcoins

• Cash app particularly popular with young investors

• JPMorgan praises Square's move as a "great vote of confidence"

The US payment service provider recently made it Square made a name for itself by announcing on the company's website that it had made a massive Bitcoin investment on October 7th. The company from Twitter informed CEO Jack Dorsey that it had acquired around 4,709 Bitcoins for 50 million US dollars.

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Square recently purchased $ 50 million worth of bitcoin . But that ’s just part of a larger investment in cryptocurrencies. For those of us who have followed Odds are that the next big move for bitcoin and the entire crypto universe will be higher. This is further confirmed by bitcoin ’s longest stretch ever

Square announced that it has purchased $ 50 million worth of Bitcoin . The white paper titled “ Square , Inc. Bitcoin Investment Whitepaper” details the exact methods Square used to go about its Bitcoin investment and can also be seen as a blueprint for future companies if they wish to do the

justified the move by stating that it believes in the potential of bitcoin to continue to grow in the future: "Given the rapid evolution of cryptocurrencies and the unprecedented uncertainty of macroeconomic and monetary conditions, we believe that the time is right for us is to expand our balance sheet, which is for the most part in US dollars, and to make a significant Bitcoin investment, "the press release said. - Trade Bitcoin with Plus 500 - that's how it works. 76.4% of retail investor accounts lose money when trading CFDs with this provider . You should carefully consider whether you can afford the high risk of losing your money. Square also sees internet money as a "tool for global economic empowerment" and as an important opportunity for people around the world to participate in the monetary system and "ensure their own financial security".

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That compares with an estimated aggregate volume of billion on the CME and Cboe futures contracts, JPMorgan said, itself a jump from April’s .5 billion and A major implication of this is that “the importance of the listed futures market has been significantly understated,” Panigirtzoglou wrote.

Squares Cash App enables Bitcoin purchase

The payment service provider has been enabling its users to buy and sell cyber currency via the Cash App for years. In addition, Square supports the cryptocurrency with an "independent team that is solely focused on supporting the Bitcoin open source work for the benefit of all". It was only in September that the payment intermediary announced the founding of the "Crypto Open Patent Alliance" (COPA) to , a non-profit consortium for the protection of the open source character of crypto currencies, which bundles the patents of the individual members and stores them in one crypto Database provides. JPMorgan sees Square as a pioneer

Now the analysts of

JPMorgan have commented on Square's Bitcoin investment. The team around strategist Nikolaos Panigirtzoglou sees the payment service provider in a pioneering role. In the future, even more payment companies would follow his example, according to a research report submitted to The Block Crypto. However, this does not only mean the acquisition of cyber currencies, but also the possibility of granting your own users access to cryptocurrencies.

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What is bitcoin ? Bitcoin is a virtual currency that emerged in the aftermath of the financial crisis. It allows people to bypass banks and traditional payment processes to pay for goods and services. However, the banker revealed his daughter had bought bitcoin : “It went up and she thinks she’s a

Squares Cash App enabled Bitcoin purchases / sales worth $ 858 million in the second quarter of 2020, beating Grayscale's Bitcoin Trust, which only recorded $ 750 million in coin transactions. According to JPMorgan, US millennials in particular contributed to the trend: "We believe that millennials, or the younger generation of the US private investor universe, have used the Cash App as an alternative to the Grayscale Bitcoin Trust to raise their Bitcoin Stock up on stocks ".

"Great vote of confidence"

In addition, the US investment bank considers the Bitcoin investment to be a "great vote of confidence" in the future of the cyber currency and assumes that this is "probably only the beginning". JPMorgan can well imagine that more companies will dare to take the same step and thus drive Bitcoin demand. Bitcoin derivatives, options and futures are already in increasing demand from the institutional side. The supply / demand balance of Internet money rose to 925 million US dollars in the third quarter. In the previous quarter this was only 544 million US dollars.

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As The Block Crypto also writes, the Square rivals

PayPal and Venmo are apparently working to offer the buying and selling of cryptocurrencies. There is still a lot to be done in the industry in the future to allow more and more people to participate in the crypto market. Finanzen.net

JPMorgan tells PayPal & Co. to fight faster payments .
The US investment bank JPMorgan has developed a new service for business customers that makes fast and contactless payments much easier. The big bank is reacting to the growing competitive pressure from fintechs such as PayPal or Square. © Provided by Finanz.net INDRANIL MUKHERJEE / AFP / Getty Images • JPMorgan launches QuickAccept service for faster digital payments • Own card reader enables contactless payment • Complete solution for business customers to make fintechs redundant Traditional

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