Categories: Cryptocurrency

Square Purchases BTC Worth $50M; Crypto Leaders Congratulate

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.

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.

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.

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.

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.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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