This Stock With Bitcoin Exposure Is Oversold Amid The Global Markets Crash

Twitter founder and CEO Jack Dorsey went on to found Square Inc. (NYSE: SQ) in 2010. It’s a payment processing company that made a credit card reader merchants could use with their smartphone to accept payments. But in 2015, Square took it a step further with the creation of Square Cash (now called Cash App).

It allowed businesses and organizations to send money from smartphones using a “cashtag” like “$thisisacashtag.” The idea was to make sending cash as easy as sending an email. The Cashtag would be like an email address for sending cash. Moreover, Square extended the app for personal use so friends could send each other cash. It entered the market PayPal had dominated since its founding by Peter Thiel and Elon Musk.

As an aside, when Peter Thiel created PayPal, his original idea was to create something like Bitcoin. He wanted to build an alternative to the fiat dollar system in the United States. But he didn’t have the level of sophistication to create what Satoshi Nakamoto wrought in 2008. So he made PayPal instead. Not revolutionary like Bitcoin. Still a massive Silicon Valley success story.

The Square App

Square Entered The Bitcoin Market in 2018

But in January 2018, Square took the extraordinary step of adding Bitcoin payments to its app. It made Square function primarily as a Bitcoin custody service for users.

That was just Jack Dorsey’s way to get his hands on as much Bitcoin as possible. Because Dorsey is a Bitcoin maximalist. He believes not only will Bitcoin remain the dominant cryptocurrency, but that it will eventually be the one world currency:

The world ultimately will have a single currency, the internet will have a single currency. I personally believe that it will be bitcoin.

Square’s Bitcoin gambit paid off in no time. The company raked in massive revenue in a short amount of time after announcing Bitcoin payments and launching the product on its app. By the end of 2018, Square sold more than $166 million worth of Bitcoin to its…

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