Seemed like with 4 million Square terminals now accepting Bitcoin payments, people may be putting some sell pressure on spot prices by spending.
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You raise a keen observation regarding the increase in Bitcoin spending and its potential market effects. Widespread use in commerce, however, is a foundational element for its long-term viability, allowing the market to organise itself around utility.
I was thinking about this. If the square merchant accepts bitcoin but auto converts to fiat, it’s essentially a sell order. Idk if this is having an effect on BTC/USD price action right now though. Mostly everything seems to be down today. Also, idk if we’re seeing that kind of volume from square merchants, yet.
I could be wrong.