Square has just made another colossal investment in bitcoin, more than tripling its recent investment in cryptocurrency with a $ 170 million token purchase. The digital payments business, which is run by vocal bitcoin lawyer and Twitter CEO Jack Dorsey, announced the investment on Tuesday in its quarterly earnings report.
The company bought about 3,318 bitcoins at an average price of $ 51,236, indicating remarkable confidence in bitcoin as it reaches record highs and invites renewed skepticism about its stability.
“In line with the company’s goal, Square believes that cryptocurrency is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and secure their own financial future,” the company’s press release announcing the purchase. “The investment is part of Square’s ongoing commitment to bitcoin, and the company plans to continuously assess its total investment in bitcoin.”
Square only announced a major bitcoin investment in October last year when it bought $ 50 million worth of tokens when a single bitcoin cost a little over $ 10,000. The current price of a single bitcoin is just under $ 50,000, after a slight drop after the months-long rise of the currency to a final high of just over $ 58,000 earlier this week.