Square just made a colossal investment in Bitcoin with a $170 million purchase of tokens.
The company, run by Twitter CEO and vocal bitcoin advocate Jack Dorsey, disclosed the investment in its quarterly earnings report on Tuesday.
“Aligned with the company’s purpose, Square believes that cryptocurrency is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and secure their own financial future,” reads the company’s press release regarding the purchase.
Square purchased about 3,318 bitcoins at an average price of $51,236. This signals extraordinary confidence in bitcoin as it invites renewed skepticism regarding its stability.The company announced its first major bitcoin investment in October 2020 when it purchased $50 million worth of token when a single bitcoin cost a little over $10,000.
