• Why Squares’ $29 billion Afterpay Acquisition is the Biggest Thing Happening to Bitcoin Right Now

  • Square has been relentless in its efforts to increase Bitcoin adoption, and it appears to be paying off for both the payment giant and the Bitcoin market. Square is quickly becoming one of the most valuable companies in the Bitcoin market, and it does not appear that the company will be exiting anytime soon.

    How Square’s decision will affect the Bitcoin market

    Square recently announced the acquisition of the Australian fintech platform Afterpay for $29 billion. The deal is expected to represent a 30% premium over Afterpay’s most recent closing price. Following the big reveal on Sunday evening, Afterpay’s shares soared and closed up 19 percent the next day. However, Afterpay’s stock buyers were not the only ones who were ecstatic. Bitcoiners had every right to rejoice, as the acquisition will reportedly allow Bitcoin users to purchase Bitcoin.

    Market participants are vying for the app’s integration to allow Bitcoiners to buy Bitcoin and pay later, a one-of-a-kind gesture that will undoubtedly increase the benchmark asset’s adoption rate. Although neither Jack Dorsey nor Square have confirmed the feature, it will be equally useful for retail and institutional investors looking to purchase Bitcoin at a slower pace.

    In a statement addressing the significance of Afterpay’s services for Square, Jack Dorsey stated in part:

    “Square and Afterpay share a common goal. We founded our company to make the financial system more fair, accessible, and inclusive, and Afterpay has built a trusted brand that reflects those values.”

    Meanwhile, Square CFO Amrita Ahuja established the company’s intention with advancing customer experience, which the platform has done with Square’s Cash App services. In typical Square fashion, Bitcoin buying and selling patterns may be expanded with new Afterpay options.

    “We see a real opportunity to enable the next-generation consumer who is looking for different ways and, in this case, an interest-free way of expanding the purchase potential,” Ahuja said.

    “What that ends up doing is that merchants pay for the Afterpay experience, but they get higher average order volumes, higher conversion, higher frequency, and lower returns, and they get a marketing channel from Afterpay… which ultimately helps those merchants grow their business, which is what Square is all about.” She went on to say.

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