Connect with us
Active Currencies 13541
Market Cap $2,778,647,864,621.80
Bitcoin Share 49.77%
24h Market Cap Change $-0.20

Jack Dorsey’s Square buys $50 million worth of Bitcoin

1min Read

Share this article

Jack Dorsey-led payment business Square announced today that it has purchased 4,709 bitcoins worth $50 million at the time of writing. According to Square, the premium cryptocurrency was an instrument of economic empowerment and paved a way for everybody to participate in a global monetary system. The firm claimed that this move would empower and enrich “everyone.”

Square has invested one percent of Square’s total assets into Bitcoin as of the end of the second quarter of 2020. Square’s Chief Financial Officer, Amrita Ahuja who vouched for the fact that Bitcoin had the potential to become a global currency of the future said

We believe that bitcoin has the potential to be a more ubiquitous currency in the future. As it grows in adoption, we intend to learn and participate in a disciplined way. For a company that is building products based on a more inclusive future, this investment is a step on that journey.

So far, MicroStrategy, a leading business intelligence firm, invested approximately $450 million in bitcoin. Square launched bitcoin trading in 2018 with Cash App, which enabled the buying and selling of the crypto. 

Meanwhile, Co-founder and partner of Morgan Creek Digital Assets welcomed the move and said that it was only a matter of time that even government entities would adopt bitcoin as a reserve asset. He said in a tweet:

 

 

 

Share

Alisha is a full-time journalist at AMBCrypto. Her interests lie in blockchain technology, crypto-crimes, and market developments in Africa and the United States
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.