August 12, 2022

Coincidence? Company stocks rise after they buy Bitcoin as a reserve

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It seems to be the season of giving, and Bitcoin is doing just that, at least for its institutional backers, such as MicroStrategy, Galaxy Digital, Square and Marathon Patent Group, which got in somewhat early on the BTC gravy train.

In this regard, PayPal revealed on Feb. 4 that its fourth-quarter profits for the year 2020 had increased by 200% as compared to the previous fiscal cycle, citing its two new offerings — i.e., a cryptocurrency tool and a “buy now pay later” feature — as being the primary drivers for its monumental growth.

And even though PayPal did not reveal the exact figures as to how much of its growth was spurred by the firm’s foray into Bitcoin (BTC), the fact that the payments giant is looking to offer a new crypto remittance tool to 29 million of its affiliated merchants worldwide in the near future just goes to show the faith the company has in its crypto vision.

If that wasn’t enough, company CEO Dan Schulman noted in a recent interview that the aforementioned development was just a “small sign” of things to come and that this is just the “beginning of an extensive road map around crypto, blockchain, and digital currencies” for PayPalTitle: Coincidence? Company stocks rise after they buy Bitcoin as a reserve
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Published Date: Wed, 10 Feb 2021 15:59:38 +0000