Square Announces Buying $ 50 Million Bitcoin


Square, the company headed by Twitter’s CEO Jack Dorsey, announced that they have purchased $ 50 million worth of Bitcoin (BTC).

In the statement made by Square IR on Twitter, the following statements were used:

Square announced today that it has purchased $ 50 million worth of Bitcoin. Square believes the cryptocurrency is an economic empowerment tool and provides a way to join a global monetary system that is fit for the company’s purpose. ”

According to the news on Yahoo Finance, Square, Inc. (NYSE: SQ) announced today that it has purchased about 4,709 Bitcoins with a total purchase price of $ 50 million. The investment represents about one percent of Square’s total assets by the end of the second quarter of 2020.

“We believe Bitcoin has the potential to become a more common currency in the future,” said Amrita Ahuja, Square’s Finance Director, according to the news in Yahoo Finance. Ahuja used the following statements:

“As Bitcoin is accepted, we want to learn and participate in a disciplined way. For a company that develops products based on a more inclusive future, this investment is an important step in this journey. ”

Square is the second public company to invest in Bitcoin, after MicroStrategy.

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