The Twitter founder also buys more bitcoins

The Twitter founder also buys more bitcoins

Square, Jack Dorsey's fintech, confirms its confidence by spending an additional $ 170 million to buy cryptocurrency after the $ 50 million investment in October

In 2015, the platform's founder became CEO, after Costolo's resignation (photo: Getty Images) Not only Twitter founder, but also fintech entrepreneur and bitcoin advocate: Jack Dorsey is again betting on cryptocurrency and his digital payment company Square spends another 170 million dollars to buy 3,318 tokens virtual. The company, which was founded in 2009 and provides devices and applications to accept any form of electronic payment, was one of the first companies to invest corporate money in this asset, since last October with a first batch of 50 million dollars. , to buy 4,709 bitcoins. In addition to the recent Tesla case, the other pioneering example that dates back to August is that of MicroStrategy, with $ 850 million invested.

“Cryptocurrency is a tool for economic autonomy, which offers a way for people to participate in the global monetary system and secure a financial future, ”says a note from Square. Moreover, the Cash payments app provided by fintech has allowed to exchange bitcoins since 2018 and in 2020 it had three million users. A "constant commitment" to cryptocurrency by the company that "plans to evaluate its aggregate investment in bitcoin in relation to its other investments on an ongoing basis". According to data provided by the company and based on a mathematical calculation, also supported by other print sources, Square would have paid just over $ 51,200 for bitcoin.

The announcement came yesterday, on the occasion of the presentation of the latest quarterly 2020, just as bitcoin fell, within 48 hours, from the peaks of 58 thousand dollars on Sunday to about 45 thousand, and then rose again on Wednesday about 51 thousand. However, it should be considered that at the beginning of October the price of the volatile bitcoin was much lower, around 10,600 dollars. Square, of which Dorsey is CEO, has $ 4.4 billion in hand in the form of cash and marketable stock, so the 220 million it has spent on bitcoin so far represents only 5% of cash assets at the end of the fourth quarter. 2020.

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