Payment giant Square invests another $ 50 million in bitcoin

Payment giant Square, led by Jack Dorsey, purchased 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 built 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 talk from Ted was a short video about what it takes to start a movement... Now it starts on corporate balance sheets. And to be clear, we have a lot of BTC in our Galaxy Digital balance.

Go @jack Go. A big deal. My favorite Ted talk was a short video on what it takes to make a movement. It's not the first guy dancing. It's the second guy. This is now a movement. Corp balance sheets. And to be clear $ GLXY has a lot of $ BTC on our balance sheet. https://t.co/hHwkC0HlW5

- Mike Novogratz (@novogratz) October 8, 2020

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