Square invests a further $170 million in Bitcoin

The payments company Square, led by Jack Dorsey, announced an additional $170 million purchase of Bitcoin in the fourth quarter of 2020.

For this amount, the firm bought about 3,318 BTC.

Given the earlier purchase of the leading cryptocurrency for $50 million, Square had already allocated 5% of its cash reserves to Bitcoin as of December 31, 2020.

“Why are we doing this? We believe the Internet needs a native currency, and we believe that this is Bitcoin,” Jack Dorsey said during an earnings call with investors.

In a statement, the company noted that cryptocurrency is a tool for expanding economic rights and opportunities, enabling people to participate in the global monetary system and secure their own financial future.

Jack Dorsey noted that Square last year launched an initiative for environmentally friendly mining of the leading cryptocurrency, allocating $10 million to it. This formed part of the company’s plan to cut carbon emissions by 2030.

Earlier the company formed a patent alliance to broaden access to technologies for cryptocurrency firms.

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