Twitter CEO's firm invests in Bitcoin
Twitter CEO Jack Dorsey’s credit and payments firm Square has invested $170 million in Bitcoin, more than tripling its last investment in the cryptocurrency.
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San Francisco: Twitter CEO Jack Dorsey's credit and payments firm Square has invested $170 million in Bitcoin, more than tripling its last investment in the cryptocurrency.
The company purchased about 3,318 bitcoins at an average price of $51,236, the company disclosed in its quarterly earnings report on Tuesday. "Combined with Square's previous purchase of $50 million in bitcoin, this represents approximately five percent of Square's total cash, cash equivalents and marketable securities as of December 31, 2020," the company announced.
The announcement has come at a time when the Bitcoin value has surged dramatically over the past few months, setting new records. The current price of a single bitcoin is just under $50,000.
"Aligned with the company's purpose, Square believes that cryptocurrency is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and secure their own financial future," the company said.
