Twitter CEO Jack Dorsey-led credit and payments firm Square has invested $170 million in Bitcoin, more than tripling its last investment in the largest cryptocurrency. The company purchased about 3,318 bitcoins at an average price of $51,236, the company disclosed in its quarterly earnings report on Tuesday. “Combined with Square’s previous investment of $50 million in bitcoin, this represents approximately five percent of Square’s total cash, cash equivalents, and marketable securities as of December 31, 2020,” the payment firm announced.
Square believes that cryptocurrency is an instrument of economic empowerment.
The announcement has come at a time when the Bitcoin value has surged dramatically over the past few months, setting new records. The current price of a single bitcoin is just under $50,000. “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 payment firm said. The investment is part of the firm’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.
Jack Dorsey is a vocal bitcoin advocate.
Twitter and Square CEO Jack Dorsey has been a vocal advocate for bitcoin for a long time. He earlier said that African nations could play a huge role in the mainstream adoption of bitcoin. Dorsey had even planned to spend some time in Africa to explore crypto opportunities. As reported earlier, Jack Dorsey and popular American pop star Jay Z have launched a 500 bitcoin trust focusing on bitcoin developers from India and Africa. The bitcoin trust would be independent and would be lead by a three-member team for which they are currently looking for a lead.
