Business perception firm MicroStrategy has been on a Bitcoin buying spree in recent months. within the company’s Q3 earnings call, CEO Michael Saylor pointed to the recent adoption of Bitcoin by PayPal and Square as being “legitimizing” for the cryptocurrency.
The support that's come from Square to create Bitcoin and to promote—actually to require Bitcoin on the record was an enormous deal,” said Saylor within the call, adding that “support within the Square Cash application may be a big deal.”
“Now that PayPal has announced that they're going to do it in the PayPal app, I think that's legitimizing,” Saylor added. “When PayPal delivers that in Venmo next year, I think that will be a big plus.”
PayPal has recently announced that it will introduce cryptocurrency buying and selling features , and is reportedly planning to purchase crypto firm BitGo , while Square has made a $50 million investment in Bitcoin, a move that Saylor has previously described as “extraordinary.”
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