Square Just Added a Lot of Bitcoin to Its Stash

Cryptocurrency News

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It’s not like we didn’t know that Square – the financial payment firm owned and operated by Jack Dorsey of Twitter fame – was a bitcoin fan. Dorsey himself has been advocating for bitcoin for the past several years, even going so far as to claim in 2018 that it would be the world’s only currency within ten years. In addition, Square was one of the first institutions to pledge support for the world’s number one digital currency back in October of last year when it purchased approximately $50 million worth of BTC.

Square Has Bought More than $150 Million in BTC

However, it looks like that $50 million really wasn’t enough for the company, as Square has now stepped up and purchased an additional $170 million of the digital currency. Even though this figure may seem small compared to billions of dollars held by firms such as MicroStrategy and Tesla, the number remains crucial in that it indicates that institutions are making every effort to potentially drive Bitcoin interest and keep their hands on it.

They clearly value this asset a lot, and they're doing everything in their power to obtain it. Square has purchased 3,318 bitcoins in total. While this may appear small when compared to the BTC ownership of firms such as MicroStrategy and Tesla, the number is still important in that it shows institutions are doing all they can to potentially spike interest in bitcoin and get their fingers on it. Bitcoin is becoming a big part of the Cash App, a mobile payment service that lets users invest in crypto.

This investment comes as part of Square’s continued commitment to bitcoin, along with its intent to analyze its aggregate investment in bitcoin against its other assets on a continuous basis. Following the announcement of the purchase, bitcoin gained roughly $2,000 to its price and is currently valued at about $49,000. According to Cathie Wood, the CEO of Ark Investment Management, who recently offered her thoughts on bitcoin, "Until recently, we knew that Square - the financial payment company created by the famous Twitter CEO Jack Dorsey - was a bitcoin fan.." It says: We're quite optimistic about bitcoin. We are pleased to see a healthy correction here.

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.

That should be known by everyone. Meanwhile, the currency is also garnering acclaim and positive sentiment from figures such as Cathie Wood, the CEO of Ark Investment Management.

Until recently, we knew that Square - the financial payment company created by the famous Twitter CEO Jack Dorsey - was a bitcoin fan.

Bitcoin supporters have been arguing for its adoption for many years, even going so far as to claim in 2018 that bitcoin will be the only currency in ten years. She says: