June 14, 2021

Square invests $50 million in bitcoin

Square invests $50 million in bitcoin

Square has invested about 1% of the company's total capital in Bitcoin.

Today, October 8, Square, Inc, (NYSE: SQ) announced purchase of about 4,709 BTC for a total of $ 50 million. The BTC price jumped from $ 10,500 to $ 10,900 in just a couple of hours.

The company believes that bitcoin is a tool to strengthen the economy, as it provides a solution for the global monetary system. The CFO said:

We are confident that the use of bitcoin will become ubiquitous in the future. The popularity of bitcoin is growing, and we intend to study this technology and participate in it.

As a reminder, in 2018 the company launchedtrading bitcoin in your Cash App. In 2019, the Square Crypto development team was formed, which operates the open source bitcoin.

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According to the materials finance.yahoo.com