TL; DR
Full story
Right, so Jack Dorsey’s Block (the payments company that owns Square and Cash App) is about to invest 10% of its annual profits in Bitcoin.
This is cool for two reasons:
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It reflects the health of the current market.
Big companies with old names adopting Bitcoin in some way are usually a symptom of a bull run.
(The more companies adopt crypto → the healthier the market).
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It outlines a new roadmap for other existing companies to follow.
Of course, there’s the MicroStrategy route – which has shown how the company’s market cap has increased tenfold since he poured every penny he has left into purchasing Bitcoin…
But that approach may be too tough for some. A 10% annual allocation will likely be more palatable to most CFOs.
And Block is not afraid of profit! In 2023, they made $7.5 billion in gross profit, from $12.42 billion in revenue.
If they were to repeat these numbers in 2024, it would amount to a $750 million investment in BTC.
If this were to be adopted by other corporate bonds, a snowball effect of supply and demand shock could quickly take hold of Bitcoin.
Very cool!
