The Bahnsen Group’s managing partner, David Bahnsen, discusses the future of cryptocurrency under new administration.
Square Inc increased its bet on bitcoin by investing $ 170 million more, and CEO Jack Dorsey on Tuesday vowed to “double” the payment firm’s commitment to the world’s largest cryptocurrency.
“The Internet needs an indigenous currency, and we believe bitcoin is,” said the longtime bitcoin enthusiast and CEO of social media firm Twitter Inc.
SQUARE’S JACK DORSEY AGAINST BITCOIN REGULATION
Square bought 3,318 bitcoins in the fourth quarter, which accepted the general stream for the digital currency that received support from several major investors.
“By owning bitcoin, our incentives are in line with the skin in play,” Dorsey said during a conference call to earnings with analysts.
Square has been involved with the currency for years and the Cash App, a payment service, has allowed users to trade it since 2018.
SHOULD BITCOIN BE ACCEPTED FOR TESLA SHARES ON A BEAR MARKET?
The app had three million active bitcoin customers in 2020, with one million new users buying the currency for the first time in January, the company said.
| Ticker | Safety | Last | Alter | Alter% |
|---|---|---|---|---|
| SQ | SQUARE INC KOM | 256.59 | -11.49 | -4.29% |
In October last year, Square bought about 4,709 bitcoins at a total price of $ 50 million. Since then, the price of the currency has risen to a record high, with Tesla Inc. investing $ 1.5 billion and the Bank of NY Mellon Corp. saying it will set up a unit to help its customers handle digital assets.
GET FOX BUSINESS ON THE GO by clicking here
According to Reuters’ calculation, Square paid more than $ 51,200 per bitcoin. However, the spot price of the currency plunged more than 13% to below $ 47,000 on Tuesday amid a broader downturn in the market.
The company’s shares fell by about 5% after the clock on Tuesday, increasing losses discussed during the session.