Square said Today that they have purchased 4,709 bitcoins, worth $50 million. This is equal to 1% of Square’s total assets at the end of last quarter.
“Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company’s purpose” the company said in their official announcement.
Square’s Chief Financial Officer, Amrita Ahuja explained “We believe that bitcoin has the potential to be a more ubiquitous currency in the future. As it grows in adoption, we intend to learn and participate in a disciplined way. For a company that is building products based on a more inclusive future, this investment is a step on that journey.”Video Courtesy Of CNBC
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Video Courtesy Of CNBC