Square bets big on Bitcoin with $170 million investment

Square Payment

Squaring it all up! Digital payments company Square has just made another big investment in Bitcoin with a $170 million purchase of the world’s most popular cryptocurrency.

This latest purchase of tokens more than triples its last investment.

The company, run by Twitter CEO Jack Dorsey who is a vocal Bitcoin advocate, disclosed the investment in its quarterly earnings report. A purchase of almost 3,319 bitcoins at an average price of $51,236 signals the confidence the firm has in the cryptocurrency.

That too, at a time when there is a growing skepticism surrounding Bitcoin about its value.

Square Logo

As announced in a press release:

“Aligned with the company’s purpose, Square believes that cryptocurrency is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and secure their own financial future. The investment is part of Square’s ongoing commitment to bitcoin, and the company plans to assess its aggregate investment in bitcoin relative to its other investments on an ongoing basis.”

Way to go.

Not the first time Square has made moves like this. It first announced a major investment in Bitcoin in October of last year when it purchased $50 million worth of tokens. This was when a single bitcoin cost a little over $10,000.

Currently, Bitcoin hovers around $50,000, following a dip after hitting an all-time high of $58,000 earlier this week.

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