Square invested $ 50 million to buy bitcoin
American fintech giant buys bitcoin for $ 50 million
Square believes bitcoin will become the mainstream currency in the future
Investments account for one percent of Square’s total assets at the end of Q2 2020
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The fintech company announced a $ 50 million purchase of bitcoins, roughly one percent of Square’s total assets at the end of Q2 2020
American technology company Square bought 4,709 bitcoins at a combined price of $ 50 million. The company announced this on its official website..
The company claims that cryptocurrency “is a tool for expanding economic opportunities and gives the world the opportunity to participate in the global monetary system.”.
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Bitcoin investment is roughly one percent of Square’s total assets at the end of Q2 2020.
Square’s CFO Amrita Ahuja noted the possibility of bitcoin becoming “the mainstream currency of the future”:
“As it [bitcoin] develops, we intend to evolve and adapt accordingly. For a company that creates products based on a more inclusive future, this investment is a step towards the goal. “.
Investment of the century
This is not Square’s first investment in Bitcoin. In 2018, the company launched BTC trading using the Cash App. Cryptocurrency sales brought the fintech giant over $ 850 million in Q2 2020.
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Thus, the quarterly growth, which turned out to be a record, amounted to 186% compared to January-March, and in annual terms the indicator jumped by as much as 600%. Due to high demand, the company in 2019 formed Square Crypto, an independent team focused on the development of the cryptocurrency market..
At the same time, the head of social networking site Twitter Jack Dorsey (also founded Square) continues to believe in Bitcoin. The entrepreneur previously said that the leading digital asset is still best suited to become the internet’s own currency..
At the time of this writing, the price of BTC / USDT is $ 10,717.
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