Square invests $170 million in Bitcoin
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[Digital Today Reporter Hyun-Woo Choo] Economic media CNBC reported that Square, a mobile payment company founded by Twitter founder Jack Doh, has invested 170 million dollars in Bitcoin.
According to Square’s fourth quarter financial report released on the 23rd (hereafter local time), Square purchased 3319 BTC of Bitcoin until recently, and increased its holdings to 4709 BTC through additional purchases in October last year. This amounts to about $170 million worth of money, and is 5% of Square’s total assets as of the end of 2020.
“Virtual assets are one of the tools that can help them participate in the global monetary system and secure a financial future,” said Jack Dossie Square, CEO.
“Bitcoin direct investment is part of Square’s ongoing commitment to the virtual asset market, and the company plans to continue to evaluate the total investment in Bitcoin against other investments,” he said.
Despite the rapid volatility, such as the recent rise and fall of $10,000 in Bitcoin, it is considered that it still has a high investment value.
Bitcoin, which soared to 58300 dollars on the 22nd, has been showing a sharp decline since. Based on the coin market cap at 10 am on the 24th, Bitcoin is trading at $48,820, down 8.4% from the previous day.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.
