The price of bitcoin (BTC) jumped to more than $10,900 after news of a $50 million investment by Square – a mobile payments company co-founded by Twitter’s CEO. Square used 1% of its assets to buy 4,709 Bitcoin.
After a minimum of $10,541, bitcoin soared to $10,965. In Brazil, the price went from R$59,900 to R$61,073, an increase of almost 2%.
Despite the sudden price increase, the volume traded was not affected by the news, with Immediate Bitcoin currently marking around US$63 billion in the last 24 hours, according to Coinmarketcap.
Both Bitcoin Cash (BCH) and Bitcoin SV (BSV) also saw a sudden price increase in the last hour, with BCH up 5.4% to $231, and BSV up 4.3% to $165.30. Both cryptomorphs increased more than 10% in the last fortnight and lead the day’s highs.
About Twitter, this is a move initiated last month by MicroStrategy, which made two million dollar purchases of bitcoin totaling $425 million. Twitter was the second major company to invest part of its capital in bitcoin as a way to protect itself from inflation and government actions. This may just be the beginning of a larger trend that is coming in the coming months and years.