Twitter’s parent company Square Inc. released its Bitcoin Investment Whitepaper in October, and in it they state their purchase of 4709 bitcoins for a total of around $50 million. Now considering that half the world uses Twitter, it looks like Square, with its CashApp, will be onboarding the masses into crypto. It’s just a matter of time.
One thing that will vastly increase crypto adoption is ease of use. The masses require an easy onramp to enter and exit the crypto market, or to sell their crypto. They require a user-friendly platform. And Square’s Twitter and CashApp may well be that bridge to invite the world to use bitcoin.
Facebook is trying to launch their own cryptocurrency too, calling it Diem (not Libra anymore), but Twitter is ahead of the curve already. In this way these giant social media platforms, who have already captured the global market, will make it even easier for their users to accept cryptocurrency as normal and to use it in exchange for goods and services.
People globally are familiar with Twitter, so they will more readily accept anything now offered to them via the platform that they already use and love. And the Twitter CashApp has been around since 2018 already, allowing users to buy and sell bitcoin. Now with this further purchase of bitcoin for Twitter’s investment vault, it looks like they are not only going to the moon but also taking a lot of us along with them.
Added to that, Square Inc. has launched a side project called Square Crypto, solely focused on behind-the scenes coding toward the bitcoin open source network. Furthermore, with their third project, the Cryptocurrency Open Patent Alliance (COPA), a non-profit organization, they aim to encourage crypto innovation, as well as help to patent crypto inventions and protect inventors from “patent aggressors” as they call them in the Whitepaper.
2020 has undoubtedly been a major year for macroeconomic uncertainty or FUD. This is partly due to the weakening US economy and falling dollar value. Added to that, all the massive money printing (“not QE”) and stimulus to all and sundry, has even put pressure on bitcoin’s ability to break through the ATH (all time high) and $20k with any significance.
The truth is that bitcoin mostly climbed in value this year shortly after the massive financial stimulus from the Fed. Now that US economic policy or at least its implementation, is even more uncertain, even the stock market is hovering at an ATH in places and stalling there. The S&P 500 has shown several sessions of straight decline. And the Dow is also looking bearish.
All of this suggests that even bitcoin may stall now, in the short term. However, since bitcoin is limited in supply to only 21 million ever, no money printing can occur with bitcoin. Thus, when inflation inevitably causes the dollar to lose more value, we hope that bitcoin will decouple from the weakening dollar and climb significantly.
Therefore these massive institutions like Twitter’s Square Inc. and others, are choosing bitcoin as a safe haven and store of value or investment, as opposed to the dollar. This is really looking like the era where the dollar is replaced by bitcoin once and for all.
