Square Inc. believes in Bitcoin as an instrument of economic empowerment, providing society with a unique and innovative way for people to participate within a global monetary system, where they can secure their own financial future.
Directed by Jack Dorsey, who also serves as CEO of Twitter, Square Inc. It is one of the most recognized and important financial services companies in the United States, and one of the main companies that offer entry to the world of cryptocurrencies, and digital assets in the country and elsewhere in the world.
This company, which has long been expressing its support for Bitcoin (BTC) and crypto assets, and even has a subsidiary dedicated to financing developers and projects related to cryptocurrencies, blockchain and the digital industry in general, announced the purchase of another 3.318 BTC, with a total investment of 170 million dollars.
In October last year, Jack Dorsey revealed that the company had invested $50 million in the purchase of bitcoins, acquiring a total of 4.709 BTC by then. Thus, with the new investment that the company has just announced, Square Inc. now holds a total of 8.027 BTC on its balance sheet.
MicroStrategy CEO Michael Saylor highlighted Square's recent investment on his Twitter account.
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A global monetary system
In her releaseSquare Inc. says its mission is to create tools to “empower businesses and individuals” and invite them to participate in the economy. Its applications are used by thousands of users to manage their businesses and access financing, and Bitcoin now plays a fundamental role in these objectives.
For Square Inc., Bitcoin “It is an instrument of economic empowerment, providing a way for people to participate in a global monetary system and secure their own financial future.”. The company says it is committed to investing in Bitcoin on an ongoing basis and plans to evaluate its aggregate investment in Bitcoin relative to its other investments.
5% of its cash reserves
Square has invested a total of $220 million in bitcoin purchases, a sum that represents about 5% of the cash reserves the company declared at the end of last year, it said in its statement.
Although Square did not reveal the price at which it purchased Bitcoin, it can be deduced by dividing the total amount invested, $170 million, by the amount purchased, 3.318 BTC, which gives an average price of $51.200 USD per unit. At the time of revealing its second investment in Bitcoin, the cryptocurrency's prices on the markets are in the red, and have fallen by about 3% in relation to Square's purchase price. However, its first investment, which has been maintained since the beginning of October 2020, has paid off. At that time, the price of Bitcoin was around $10.600 USD per unit, so today it has an appreciation of more than 470%.
At the time of this edition, Bitcoin has a value of $50.500 USD.
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