Bitcoin markets have shown substantial price action over the last two days, wherein the price of crypto tokens fluctuated tremendously. After Tesla announced investing $1.5 Billion in Bitcoin, the token price surged immensely; however, in the following days, inevitable market correction and Elon Musk’s tweet led to a drop in the price. Despite current plunges, Bitcoin continues to attract high-value investors.
Fintech firm Square announced procurement of additional Bitcoin.
Square Buys $170 Million Bitcoin.
Square announced that it had invested an additional $170 million in BTC. Along with FYI 2020 results, Square revealed that it has bought an additional 3318 bitcoin for $170 million. Square is amongst one of the earlier adopters of Bitcoin, and the firm invested around $50 million in Bitcoin last year. The firm’s CFO told CNBC that Bitcoin could become the native currency of the internet, and Square is increasingly incorporating Bitcoin in its business. Jack Dorsey, one of the co-founders of the company, is an active Bitcoin supporter and has talked about the potential of cryptocurrency at various junctures. The press release issued by the firm in the Quarterly Result announcement revealed that the company considers Bitcoin as ” an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and secure their own financial future. “
Earlier this month, Jack Dorsey set up his own node on the Bitcoin network to support the cryptocurrency. With the launch of his node, Dorsey can help in validating the Bitcoin transactions and blocks on the network. In October 202o, Square invested $50 Million in BTC.
At that time, the company said that Bitcoin can be a ubiquitous currency and wants to participate and learn about Bitcoin in a disciplined manner as it matures and gets wider adoption. Lately, leading tech firms like MicroStrategy etc., have invested heavily in Bitcoin, adopting the crypto token as their primary treasury reserve asset. PayPal integrated Bitcoin and other leading cryptos like ETH on its platform, allowing its merchants to accept crypto payments. As Bitcoin gains mainstream adoption, it is interesting to see many leading industry players jumping the crypto bandwagon.
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