Square Makes New $170M Investment in Bitcoin
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Feb. 24, 2021
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Payments company Square has purchased another 3,318 BTC for a total of $170M, according to a press release shared by the company. Thus, each Bitcoin has cost Jack Dorsey's firm $51,235.

Square has highlighted that, based on its previous investment, the share of reserves invested in Bitcoin has reached approximately 5%. On October 7, Square bought 4,709 BTC for $50M. Since then, the value of this investment has increased to $226M. Square has stated:

"Square believes that cryptocurrency is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and secure their own financial future. The investment is part of Square’s ongoing commitment to Bitcoin, and the company plans to assess its aggregate investment in Bitcoin relative to its other investments on an ongoing basis."

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Square ha also reported that more than 3 million of its customers bought or sold Bitcoins through Cash App in 2020, and in January, more than 1 million users bought cryptocurrencies for the first time. In addition, during the 4th quarter, Bitcoin transaction volume increased more than 2.5 times compared to the same period last year.

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