Square buys $ 170 million worth of Bitcoin

square The company bought $ 170 million worth of Bitcoin clearly In the fourth quarter financial report on Tuesday.

The company said it expanded its purchases of 4,709 in October 2020 to buy about 3,318 Bitcoins. According to Square, it accounts for about 5% of the company’s total assets as of the end of 2020.

Bitcoin After the bell on Tuesday, it traded for about $ 48,000, an increase of nearly 62% annually.

“This investment is part of Square’s ongoing commitment to Bitcoin, and the company will continue to evaluate its total Bitcoin investment compared to other investments,” the company said in a statement. It was. Its CEO, Jack Dorsey, was also an advocate of digital currencies.

As Bitcoin becomes mainstream, businesses are becoming more and more inclined to Bitcoin. Tesla Earlier this month, it announced that it had purchased $ 1.5 billion worth of Bitcoin to “more flexibility in diversifying and maximizing cash revenue.”

Pouring into digital coins carries risks due to its volatility.Tesla’s stock price is now Direct link According to Wedbush analyst Daniel Ives, the price of Bitcoin.

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Square buys $ 170 million worth of Bitcoin

Source link Square buys $ 170 million worth of Bitcoin

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