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Bitcoin Prepares for the Leap: Paypal ...

Bitcoin Prepares for the Leap: Paypal, Grayscale, Square Will Buy Crypto Again
CONTENT

  • Wall Street Companies Continue Buying Bitcoins

  • Experts expect an increase in the price of military-technical cooperation in the coming 2021

  • Companies make millions in profits from cryptocurrency trading

International consortium of news organizations developing transparency standards.

According to the well-known cryptocurrency analyst and blogger Plan B, Paypal, Grayscale, Square are preparing to replenish their bitcoin reserves

Bitcoin stays on trend

Bitcoin Prepares for the Leap: Paypal ...

Three large companies, such as Paypal, Grayscale, Square, intend to buy bitcoins, says the famous blogger Plan B, who regularly covers events on the cryptocurrency market..

This post received an instant response from Plan B readers. They interpreted the post as a signal to buy bitcoins..

“I’m going to buy bitcoins, recently my confidence in it has grown (and not because of the rise in prices),” wrote a user under the nickname @CartagenaSammy.

Other Twitter users have also confirmed that they are willing to buy bitcoin if Paypal, Grayscale, Square actually buy millions of dollars worth of cryptocurrency. As Twitter readers predict, the purchase of cryptocurrency by large companies will inevitably push the price of the coin up. At the time of this writing, the cost of the main cryptocurrency was $ 18,560.

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Note that earlier the investment company Guggenheim Partners announced that it would buy bitcoins indirectly through the Grayscale Bitcoin Trust. Thus, the investment manager will join the long list of Wall Street companies that have drawn attention to the benefits of a cryptocurrency asset..

Companies make money by trading MTC

Large investment companies are trying to make money on cryptocurrency. This year, several organizations involved in investment and capital management announced the acquisition of bitcoin.

Bitcoin Prepares for the Leap: Paypal ...

One of the first on this list was Square, which bought $ 50 million worth of bitcoins. Investments in bitcoin represent about one percent of Square’s total assets at the end of the second quarter of 2020. A few months later, Square announced that the volume of Bitcoin sales through the corresponding application reached $ 1.63 billion. Taking into account the cost of acquiring bitcoins, Square generated $ 32 million in gross profit from coin sales, which is more than 15 times more than last year and represents more than 4% of the company’s total gross profit..

After the statistics were published, the company’s shares soared 12%. At the time of writing, one Square share is selling for $ 212. In six months, the security has more than doubled in price.

Square Stock Price Source – Investing.com

Investment company Grayscale has increased the volume of digital assets under management to $ 9 billion. Soon after the May halving in the bitcoin network, Grayscale Investments acquired almost 20,000 BTC. In September, the company bought over 17,000 more coins, bringing the total investment in bitcoin to 449,000 coins. Experts are confident that Bitcoin will reach record price points in the coming 2021, so they are ready to stock up on cryptocurrency now.

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