Jack Dorsey’s Square Buys $50 Million Worth of Bitcoin (BTC)

• Financial services company Square has announced that it has purchased $50 million in Bitcoin.

• The company headed by Twitter’s Jack Dorsey, says that it believes that cryptocurrencies are an instrument of “economic empowerment and provides a way to participate in a global monetary system, which aligns with the company’s purpose.

Today, @Square announced that it has purchased $50M in bitcoin. Square believes cryptocurrency is an instrument of economic empowerment and provides a way to participate in a global monetary system, which aligns with the company’s purpose. For more, visit https://t.co/HPhSMfVgac.

— Square IR (@SquareIR) October 8, 2020

• The company has been rather open when it comes to its overall stance on cryptocurrencies. Earlier in September, it even created a non-profit organization to fight cryptocurrency patent trolls.

• In addition, earlier in the year, Square offered the users of its Cash App to purchase Bitcoin on a recurring basis.

• Jack Dorsey has also been vocal on the merits of Bitcoin on more than one occasion. Most recently, he said that BTC and blockchain are the future of the social media giant Twitter.

• Square’s purchase of $50 million is a continuation of the institutional interest showcased in the field. In September, another NASDAQ-listed company, MicroStrategy, bought a second round of BTC, bringing up the total value of its stack to $425 million.