Square, which is owned by Twitter CEO Jack Dorsey, has bought about 4,709 bitcoin at an aggregate buying value of $50 million, i.e. at a medium value of about $10,600 per bitcoin.
The news was announced on Thursday, Square told “cryptocurrency is an instrument of economic empowerment and provides a way to participate in a global monetary system, which aligns with the company’s purpose.”
The investment serves nearly 1% of Square’s entire assets as of Q2 2020.
"We believe that bitcoin has the potential to be a more ubiquitous currency in the future," said Amrita Ahuja. "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 is now the second publicly-listed business following MicroStrategy to buy bitcoin.
MicroStrategy has bought a sum of 38,250 bitcoins to date, which is now worth $410 million, as part of its assets allocation plan. CEO of MicroStrategy Michael Saylor said The Block in a meeting last month that bitcoin is the “best money ever created.”
Saylor stated, related to gold and the U.S. dollar, bitcoin is a better asset for a country given it's not deflationary by the plan.
“Gold is defective in the 21st century,” he told of bullion. "It boils down to a very simple principle. It's going to debase between 2% and 4% a year, certainly over the next hundred years." As talking about the dollar, Saylor said, the difficulty is monetary management development and inflation.
Saylor also shared in the conversation that 90% of MicroStrategy's treasury profit comes from the bitcoin.
When we are talking about Square, the business has been engaged in the bitcoin space after 2018 when its Cash App presented allowing buying and selling of the cryptocurrency.
The firm made Square Crypto, an individualistic team only concentrated on according to bitcoin's open-source work in 2019. Lately, it started the Cryptocurrency Open Patent Alliance (COPA), a non-profit association supporting crypto innovation and the opportunity to enter patented crypto creativities.
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