Square Halts Bitcoin Purchases After Loss, Financial News Says
Comment of the Day

May 17 2021

Commentary by Eoin Treacy

Square Halts Bitcoin Purchases After Loss, Financial News Says

This note from Bloomberg may be of interest to subscribers.

Jack Dorsey’s Square is not planning on buying more bitcoin for its corporate treasuries after losing
$20m on a $220m investment in the cryptocurrency last quarter, Financial News reports, citing CFO Amrita Ahuja.

* Bitcoin represents about 5% of Square’s cash on hand
* NOTE: Square Revenue More Than Triples, Driven by Bitcoin Sales
 

Eoin Treacy's view

Fans of any asset will buy all day, all week and all month as long as they are making money. When they stop making money, they might think about selling, but they first stop buying. That action removes a significant source of demand from the market.

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