Square has just made another colossal bitcoin investment, more than tripling its last cryptocurrency investment with a purchase of $ 170 million in tokens. The digital payments company, led by vocal bitcoin advocate and Twitter CEO Jack Dorsey, unveiled the investment in its quarterly earnings report on Tuesday.
The company bought around 3,318 bitcoins at an average price of $ 51,236, demonstrating remarkable confidence in bitcoin as it hits record highs and sparks renewed skepticism about its stability.
“Aligned with the goal of society, Square believes that cryptocurrency is an instrument of economic empowerment, enabling individuals to participate in a global monetary system and secure their own financial future,” the statement read. press release announcing the purchase. “This investment is part of Square’s ongoing commitment to bitcoin, and the company plans to continually benchmark its overall bitcoin investment against its other investments.”
Square first announced a major investment in bitcoin in October last year when it bought $ 50 million worth of tokens when a single bitcoin cost just over $ 10,000. The current price of a single bitcoin is just under $ 50,000, following a slight dip after the currency’s multi-month surge to an all-time high of just over $ 58,000 earlier this week.