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Square buys $170 million worth of Bitcoin



Jack Dorsey, CEO of Twitter and Square, speaks at the Empowered Entrepreneur event held at Ryerson University in Toronto, Ontario, Canada on Tuesday, April 2, 2019.

Colberston | Bloomberg | Getty Images

Square revealed in its fiscal fourth quarter financial report on Tuesday that Square had purchased $1

70 million worth of Bitcoin.

The company stated that it has purchased approximately 3,318 Bitcoins and purchased 4,709 Bitcoins in October 2020. Square said that as of the end of 2020, it accounted for approximately 5% of the company’s total assets.

After Tuesday’s trading hours, Bitcoin was trading at approximately $48,000, an increase of nearly 62% throughout the year.

The company said in its financial report: “This investment is part of Square’s ongoing commitment to Bitcoin, and the company plans to continue to evaluate its total investment in Bitcoin (relative to other investments).” Its CEO Jack. Jack Dorsey is also an advocate of digital currency.

As Bitcoin becomes mainstream, companies are increasingly inclined to Bitcoin. Tesla announced earlier this month that it had purchased $1.5 billion worth of Bitcoin in order to “gain greater flexibility to further diversify cash and maximize cash proceeds.”

Due to the volatility of digital currencies, there are risks in injecting digital currencies. According to Wedbush analyst Daniel Ives, Tesla’s stock price is now directly related to the price of Bitcoin.

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