The once touted phrase: “Blockchain, Not Bitcoin” — has become less of a prevalent talking point. A phrase that was once used to discredit Bitcoin (and crypto as a whole), seems like a misguided notion, as corporate interest in the nascent crypto industry has increased. This past week, Google and Square, continued to show that Bitcoin and crypto should be embraced, rather than ignored.
On Thursday, Square revealed that it bought 4,709 bitcoins, totaling $50 million. This purchase represented 1% of Square’s total assets. This isn’t necessarily a shocking development, seeing that Square’s CEO (Jack Dorsey) is an avid supporter of Bitcoin. Dorsey, who is also the CEO of Twitter, only cites “#bitcoin” in his Twitter bio.
Square’s move comes after MicroStrategy announced that it purchased $425 million worth of Bitcoin. MicroStrategy’s quantity is much greater than Square’s acquisition, and also represents half of MicroStrategy’s total assets. In my last article (see below), I explored the significance of MicroStrategy’s leap and how it might prompt other companies, with Square being a likely candidate. With this latest news, Square has shifted from candidate, to investor.
Furthermore, in September, Square created the Cryptocurrency Open Patent Alliance (COPA). COPA is key, in that it was formed to act as a protection mechanism, by preventing patent lockup. Members of COPA contribute to a shared library of patents, to be to defend against patent aggressors. Essentially, COPA can viewed as a shield against patent aggressors that seek to hinder the open growth and advancement of crypto.