Monday, October 25

Square rises after $ 170 million investment in bitcoin

In October last year, bitcoin prices were around $ 10,000, while Square bought $ 50 million worth of bitcoin.

The company has tripled its previous investments in Bitcoin with this new investment.

San Francisco-based payment systems company Square has tripled its previous investments in Bitcoin. The company invested $ 170 million in Bitcoin. Square, which includes Twitter’s CEO Jack Dorsey among Square’s founders, announced the acquisition in its fourth quarter financial report.

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Buying 3,318 bitcoins at an average of $ 51,236, the company thinks that Bitcoin, which recently broke the $ 50,000 record, will be valued more. The company has been on the agenda with crypto money investments since 2018.

In January 2018, the company, which allowed its users to buy and sell bitcoin with the CashApp application, made a profit of $ 200 thousand in bitcoin transactions at that time. In October of last year, Square bought 50 million dollars worth of bitcoin, while bitcoin prices were around 10 thousand dollars. At the beginning of this week, bitcoin prices, which rose to $ 58,000 in bitcoin, brought a significant profit to the company.

Square made the following statement regarding this new acquisition:

Square believes that cryptocurrency is an economic empowerment tool that provides a way for individuals to participate in a global monetary system and secure their own financial future, for the company’s purpose.

“The investment is part of Square’s ongoing commitment to bitcoin, and the company plans to leverage its total investment in bitcoin based on other ongoing investments.

In short, Square’s bitcoin investments will continue to increase in the coming years. Sharing his views on bitcoin in an interview in 2018, Jack Dorsey believes bitcoin will be the only currency in the world. It is possible to say that the company shares the same vision. Increasing the investment of companies like Square in crypto currencies will ensure that cryptocurrencies are also valued regularly.

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