BREAKING: Square Invests $50 Mln Into Bitcoin

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Thu, 10/08/2020 - 13:17
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Alex Dovbnya
Square makes a $50 mln Bitcoin bet, predicting that it could become "a more ubiquitous currency"
BREAKING: Square Invests $50 Mln Into Bitcoin
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Payments giant Square has acquired 4,709 bitcoins ($50 mln), Street Insider reports. The Jack Dorsey-helmed company describes the world's largest cryptocurrency as an instrument for economic empowerment. 

Square has invested a total one percent of its assets at the end of Q2 into Bitcoin. Square’s CFO Amrita Ahuja claims that BTC has the potential to become a ubiquitous currency in the future:             

"We believe that bitcoin has the potential to be a more ubiquitous currency in the future. As it grows in adoption, we intend to learn and participate in a disciplined way. For a company that is building products based on a more inclusive future, this investment is a step on that journey.”

Square's Cash App first enabled Bitcoin purchases back in late 2017. CashApp's revenue from Bitcoin eclipsed its fiat revenue for the first time back in May.  

Dorsey, who's also the CEO of social media giant Twitter, has been a long-time Bitcoin proponent who views it as the best manifestation of an internet-native currency.      

Related Twitter CEO Jack Dorsey Might Allocate Some Corporate $10 Bln into Bitcoin: Willy Woo
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With its investment, the publicly-traded company has followed the lead of MicroStrategy, the world's leading business intelligence firm, that has shocked Wall Street with its $425 mln bet on Bitcoin.             

In his tweet related to the news, Galaxy Digital CEO Mike Novogratz claims that corporate balance sheets represent a new movement: 

Gemini co-founder Cameron Winklevoss believes that Bitcoin is on its way to become a corporate treasury asset, with MicroStrategy and Square triggering the domino effect.   

Bitcoin rallied to an intraday high of $10,758 at 13:24 UTC on the Bitstamp exchange.     

Bitstamp
Image by tradingview.com

This is a developing story. Stay tuned for updates.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.