Square has just made another huge investment in Bitcoin, more than three times its last investment in cryptocurrency for $170 million in token purchases. The digital payments company, run by the voice of Bitcoin advocate and Twitter CEO Jack Dorsey (Jack Dorsey), disclosed the investment in its quarterly earnings report on Tuesday.
The company purchased about 3,318 bitcoins at an average price of US$51,236, which signified people’s confidence in bitcoin because it reached a record high and caused people to doubt its stability again.
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Square first announced a major Bitcoin investment in October last year, when it purchased $50 million worth of tokens, and the price of a single Bitcoin was slightly higher than $10,000. The current price of a single Bitcoin is just under $50,000 after the currency surged several months to its final all-time high earlier this week, just over $58,000.