Don’t Count out Cryptocurrencies Just Yet

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Cryptocurrencies dove on negative comments from Yellen, Gates, and Musk.

But don’t count out the currency just yet.

There’s still a good deal of retail and institutional interest.  In addition, Square (SQ) just  bought another $170 million worth of BTC to boost its holdings.

“Aligned with the company’s purpose, Square believes that cryptocurrency is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and secure their own financial future,” the company wrote in a press release. “The investment is part of Square’s ongoing commitment to bitcoin, and the company plans to assess its aggregate investment in bitcoin relative to its other investments on an ongoing basis.”

Helping a bit more, MicroStrategy said it bought another $1 billion worth of Bitcoin, too.

According to CNBC, “MicroStrategy CEO Michael Saylor has become a leading advocate for bitcoin, calling on other companies to buy the digital token as an investment. On Tuesday, he told CNBC he believes bitcoin will one day have a market value of $100 trillion.”

Yellen, Gates, and Musk can get as negative as they want.  However, it would appear it’s falling on deaf ears among retail and institutional investors.

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