May 13, 2021

Payment giant Square invests another $ 50 million in bitcoin

Payment giant Square invests another $ 50 million in bitcoin

Payment giant Square, led by Jack Dorsey, acquired 4,709 bitcoins worth $ 50 million, Street Insider reported. This decision is dictated by the fact that the company sees the world's largest cryptocurrency as a tool for expanding economic opportunities.

In total, Square has invested one percent of its assets in Bitcoin (BTC). Square CFO Amrita Ahuja is convinced that Bitcoin can become a ubiquitous currency in the future:

“We believe that bitcoin can become morecommon currency in the future. For a company that creates products based on a more inclusive future, this investment is a step in that direction. ”

Square Cash first started buying Bitcoin at the end of 2017. In May this year, the investment paid for itself.

Galaxy Digital CEO Mike Novogratz decided that corporate buying of bitcoin marks a new round of adoption:

“Come on @jack, go ahead. This is a big deal. My favorite Ted talk was a short video of what it takes to get started ... Now it started in corporate balance sheets. And to be clear, we have a lot of BTC on our Galaxy Digital balance sheet. ”

Payment giant Square invests another $ 50 million in bitcoin

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