Square, the US payments and financial services giant, has announced the acquisition of 4,709 Bitcoin
In a surprise move, Square announced the acquisition of 4,709 Bitcoins (BTC), worth around $50 million at the time of writing. Jack Dorsey, the company’s co-founder, has long been a firm believer in Bitcoin and cryptocurrency, with CashApp, the company’s payment service, allowing users to invest in BTC.
This news came a few months after another well-known listed company, MicroStrategy, decided to convert part of its funds into Bitcoin: the company currently holds 38,250 BTC and Michael Saylor, the company’s CEO, has become a strong supporter of Bitcoin.
Although MicroStrategy is a very important company with a market capitalization of $1.5 billion, it pales in comparison to Square, whose capitalization exceeds $81 billion.
The acquisition of BTC was accompanied by a press release, in which Square states:
„Square believes that cryptocurrency is a tool for economic empowerment, providing the world with a way to participate in the global monetary system, in line with our corporate mission.“
The press release also reveals that this investment represents approximately 1% of all Square’s assets „according to calculations for the second quarter of 2020“.
Last week, Jack Dorsey criticised Brian Armstrong, CEO of the well-known US exchange Coinbase, for his apolitical attitude:
„Bitcoin (as a crypto) is a form of direct activism against an unverifiable and exclusionary financial system that adversely affects much of our society.
I think it is important *at least* to recognize and understand the social problems that clients face every day. Otherwise, the risk is to marginalise some people“.