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Jack Dorsey’s Square Payments Invests $50 Million in Bitcoin

Bitcoin

The financial payment company, Square, has pumped $50 million into the Bitcoin market. Led by Jack Dorsey, the company bought about 4,709 Bitcoin, at an average price of $10,600 each. The purchase is about 1% of the payment’s company’s total assets as of Q2 2020.

In an official announcement, Square said that it fully believes that cryptocurrency will help economic empowerment, and is the best way for people worldwide to partake in the global monetary system.

According to the company’s Chief Financial Officer, Amrita Ahuja, Square believes that the world’s financial system has a place for Bitcoin in the futures. Ahuja 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.”

Square added Bitcoin support and trading on its Cash App, back in 2018. Bitcoin went on to pull in a large amount of revenue for Cash App, according to subsequent reports from the company.

Square’s purchase makes it the second public company in the US to invest in Bitcoin, after Microstrategy. The mobile intelligence and software company now owns over 38,000 BTC, and has made Bitcoin its primary reserve asset.

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