Last week, Square made mainstream headlines when it was revealed that the firm had bought Bitcoin \u2014 $50 million worth of the cryptocurrency. Square is a financial technology giant valued at around $80 billion, though the $50 million was only approximately 1% of its assets.<\/p>\n
Square wasn’t the first company to do so. The month before, MicroStrategy, a business services company, revealed that it had purchased $250 million worth of Bitcoin, then $175 million just months later.<\/p>\n
Tyler Winklevoss, the co-founder of Gemini, believes that these two moves are just the start of a tsunami of capital coming into Bitcoin. Winklevoss has previously said that the cryptocurrency’s fundamentals are stronger than ever due to inflationary trends.<\/p>\n
Tyler Winklevoss thinks that many more firms will follow MicroStrategy’s and Square’s lead in buying Bitcoin with money from their respective balance sheets. The co-founder of Gemini, a Bitcoin billionaire, went as far as to say that there is a “tsunami” of companies and capitals potentially incoming:<\/p>\n
“First, it was @michael_saylorand publicly traded @MicroStrategybuying $425million of #Bitcoin. Today, it is @jackand @square buying $50million of bitcoin. Tomorrow, it will be another visionary leader, and another, and another…the tsunami is coming”<\/p><\/blockquote>\n
\nFirst, it was @michael_saylor and publicly traded @MicroStrategy<\/a> buying $425million of #Bitcoin<\/a>. Today, it is @jack<\/a> and @square<\/a> buying $50million of bitcoin. Tomorrow, it will be another visionary leader, and another, and another…the tsunami is coming https:\/\/t.co\/MjF5z6u7ha<\/a><\/p>\n
— Tyler Winklevoss (@tyler) October 8, 2020<\/a><\/p><\/blockquote>\n