Square Invested $50 Million in Bitcoin

Jack Dorsey’s payments company Square has announced a purchase of Bitcoin worth $50 million.

Today, @Square announced that it has purchased $50M in bitcoin. Square believes 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. For more, visit https://t.co/HPhSMfVgac.

— Square IR (@SquareIR) October 8, 2020

“The company says that cryptocurrency is an instrument for expanding economic opportunities and gives a way to participate in a global monetary system,” Square said.

Jack Dorsey is a well-known supporter of the first cryptocurrency. Earlier, the Twitter CEO repeatedly stated that Bitcoin would become the single currency of the internet.

Earlier, in August, the Nasdaq-listed MicroStrategy bought Bitcoin worth about $250 million. The analytics software provider became the first public company to allocate part of its capital to cryptocurrency. In September, MicroStrategy invested in BTC another $175 million.

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