Founded by CEO Twitter, Square invested …
Square, founded by CEO of Twitter, invested $ 50 million in bitcoin
Payment company Square announced a $ 50 million investment in bitcoin.
Square today announces a $ 50 million purchase of bitcoin. Square sees crypto as an economic empowerment tool that provides a way to participate in the global monetary system, in line with the company’s mission, Square said through its investment arm..
Square was founded by Twitter CEO and big Bitcoin supporter Jack Dorsey. That is why she was named the most likely candidate among public companies that might want to invest in bitcoin..
Dorsey controls $ 10 billion in cash reserves on Twitter and Square. Inflation lowers their value. He has only one word in his profile, and that is the word “bitcoin” “, – said earlier analyst Willie Wu.
Square followed suit with MicroStrategy, which has poured $ 425 million in bitcoin since late summer. Talking to Morgan Creek Digital co-founder Anthony Pompliano, MicroStrategy CEO Michael Sailor said there are currently 35,000 public companies with $ 5 trillion in free reserves. According to Wu, if such companies decide to place 1% of their capital in bitcoin, this will be enough to raise the cryptocurrency capitalization to $ 2 trillion..
By the time of publication, Square had not provided any further clarification regarding its latest decision, however, Dorsey has repeatedly advocated for Bitcoin, including stating that it could become the Internet’s own currency..
Square’s market cap is around $ 80 billion. By comparison, MicroStrategy’s market cap is $ 1.5 billion. Bitcoin reacted positively to Square’s announcement and in less than 20 minutes climbed to $ 10,620 to $ 10,740.
UPD: Square acquired 4,709 bitcoins, equal to 1% of its total assets.
Square CFO Amrita Ahuja said: “We believe bitcoin has the potential to become a more widespread currency in the future. For a company that builds products for a more inclusive future, this investment represents a step forward on this path. “.
Square’s Cash App payment app has been allowing customers to buy bitcoin for years. During this time, the cryptocurrency direction has become an important source of her income. In addition, Square periodically provides support to Bitcoin developers with grants..
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