Jack Dorsey backed investment company Square announced on Thursday that it has bought Bitcoins worth $50 million. In the official tweet, Square stated it believes that crypto allows the company to participate in the global monetary system and is an economic empowerment instrument.
Today, @Square announced that it has purchased $50M in bitcoin. Square believes cryptocurrency is an instrument of economic empowerment and provides a way to participate in a global monetary system, which aligns with the company’s purpose. For more, visit https://t.co/HPhSMfVgac.
— Square IR (@SquareIR) October 8, 2020
In the official statement on their investment, Square stated that they have purchased about 4709+ Bitcoins, amounting to 1% of the company’s total assets as of date. Chief Financial Officer of Square, Amrita Ahuja, stated that the company believes that Bitcoin can be a globally accepted currency. She added,
Square was co-founded by Twitter chief Jack Dorsey, who himself has been a long-term promoter of cryptocurrencies, and Bitcoin in particular. Commenting on Square giant Bitcoin purchase, Jack tweeted that more than the $50 million purchase, the process of how they did it was necessary, as it could help others to do the same.
— jack (@jack) October 8, 2020
The crypto industry has had a love-hate relationship with traditional corporate leaders. While investment tycoons like Warren Buffett and Peter Schiff have consistently criticized Bitcoin, Jack and Tesla boss Elon Musk have been strong supports. Therefore, such a magnanimous investment coming from a traditional has got the crypto industry praising Jack and his team.
Co-Founder and CEO of India’s premier crypto exchange WazirX, Nischal Shetty, quoted Square’s tweet stating that history will not be kind to those who defame crypto. In a separate tweet, Shetty stated that companies would sooner or later realize that they need to be involved in the crypto game.
Square just took a position worth $50M in #BTC
Companies around the world will start realising they need to be involved in Crypto
Step 1 to Crypto involvement is #Bitcoin
Huge potential to be unlocked when every company starts taking such positions#IndiaWantsCrypto
— Nischal (WazirX) ⚡️ (@NischalShetty) October 9, 2020
The world’s leading crypto exchange Binance’s CEO Changpeng Zhao speculated in a tweet that Jack would have had to educate the board before making such a massive investment decision.
I assume CEOs had to get buy-in from the board on something like this, so in the process, educating them. @jack 👏
— CZ Binance (@cz_binance) October 8, 2020
Last but not least, Anthony Pompliano also congratulated Jack for leading the way. Pompi also added that Square would hold Bitcoin on its balance sheet, and eventually, every corporation will also have it on theirs.
BREAKING: Square has invested $50 million in Bitcoin and will hold the digital currency on their balance sheet.
Every corporation will eventually do this. @jack continuing to lead the way!
— Pomp 🌪 (@APompliano) October 8, 2020