Jack Dorsey, co-founder of Twitter and CEO of fintech company Block, Inc, has announced in a recent letter to shareholders that 10% of its gross profits from Bitcoin products will be reinvested in buying Bitcoin each month, The Block has reported.
This decision comes after the company's better-than-expected first quarter results.
Dorsey has stated:
"We were one of the first public companies to put Bitcoin on our balance sheet."
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He has added Block invested $220 million in BTC between the fourth quarter of 2020 and the first quarter of 2021.
Dorsey has said this investment in Bitcoin goes beyond the technology, as it represents a belief in a future where economic empowerment is the norm.
The company currently owns 8,038 BTC, valued at $573 million.