Bitcoin currently has its most bullish chart in history after surpassing its key breakout point earlier this month. Bitcoin's market cap is now up to $248.5 billion and is fast approaching its record high from December 2017 of $327.2 billion.
Billionaire hedge fund manager Paul Tudor Jones says that Bitcoin reminds him of gold in the 1970s! Another prominent money manager expects Bitcoin's market cap to conservatively reach $1 trillion: click here to see for yourself!
Many large publicly traded companies are beginning to park a portion of their cash assets into Bitcoin. Last month, the $1.57 billion market cap NASDAQ company MicroStrategy (MSTR) increased its Bitcoin holdings to 38,250 with an average purchase price of $11,111 for a total investment of $425 million. At Bitcoin's current price of $13,426, MSTR's Bitcoin is now worth $513.54 million. MSTR is making a profit on their Bitcoin of $88.54 million. For comparison, during the previous three years of 2017 through 2019 combined, MSTR earned a total net profit of only $75.05 million!
Earlier this month, Square (SQ) the owner of Cash App announced that it had purchased 4,709 Bitcoins worth $50 million for investment purposes: click here to see for yourself! SQ said, “Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company’s purpose."
SQ is now trading for $169.86 per share for a gain of 1,787.33% from its 2015 IPO at $9 per share. SQ's Cash App besides sending cash allows users to invest into Bitcoin. Last quarter, SQ generated $875.456 million in revenue from Bitcoin for growth of 600% from only $125.085 million in Bitcoin revenue in the year-ago quarter. In 2Q 2020, Bitcoin accounted for an unbelievable 45.5% of SQ's total revenue! In 2Q 2019, Bitcoin only accounted for 10.65% of SQ's total revenue! Bitcoin accounted for ALL of SQ's revenue growth! SQ's non-Bitcoin revenue streams actually declined year-over-year!
One week ago, PayPal (PYPL) announced that it has added a service that allows its customers to invest into Bitcoin: click here to see for yourself!
NIA is getting ready to announce its #1 favorite Bitcoin stock suggestion for the rest of 2020 and early 2021!
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