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Square's #Bitcoin position has now 𝗱𝗼𝘂𝗯𝗹𝗲𝗱 𝗶𝗻 𝘃𝗮𝗹𝘂𝗲.
On October 7, 2020, Square, Inc. purchased approximately 4,709 bitcoins at an aggregate purchase price of $50 million.
Purchase price: $10,617
Current price: $21,400 pic.twitter.com/qHIy8PY4GL
— How much Bitcoin is worth after… (@BitcoinCritics) December 16, 2020
Further Gains on The Horizon
Analysts think that this market will move even higher in the long run.
The aforementioned global CIO of Guggenheim, Scott Minerd, told Bloomberg that he thinks Bitcoin will hit $400,000 in this market cycle.
He largely cited the scarce nature of the leading cryptocurrency. $400,000 would mean that Bitcoin’s market capitalization may almost surmount that of the precious metal gold.
$400,000 is also a price target mentioned by investors like the Winklevoss Twins of Gemini.
More and more investors are acknowledging that BTC is likely to be a better investment in the years ahead than gold.