The financial services company Square, led by Twitter boss and CEO Jack Dorsey, announced that it has bought 4,709 bitcoins for $ 50 million. The investment represented nearly 1% of the company’s total assets in Q2 2020.
“We believe that bitcoin has a potential to become a more ubiquitous currency in the future,” said Chief Financial Officer of Square, Amrita Ahuja, quoted from CNN, Friday (9/10/2020).
Square shares trading support cryptocurrency
Square shares are trading up about 2.3% on Thursday. This transaction is not the first for Square to support the cyptocurrency. The company expanded its digital payments via the Cash App to support bitcoin trading in 2018.
Continuing in 2019 the company launched Square Crypto, which provides grants to bitcoin developers and designers.
Last August, the company reported bitcoin trading revenue from Cash App rose 600% from the previous year to $875 million. Cryptocurrencies also account for nearly half of Square’s $1.92 billion total sales.
Bitcoin has had a good year, its value has increased by more than 50% in 2020. This is partly due to the plunging of the dollar during the COVID-19 pandemic. After Square (twitter boss) announced its investment, the price of one bitcoin rose more than 2% to around $10,900.
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