News – US – Square buys $ 170 million worth of Bitcoin

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Square bought $ 170 million worth of Bitcoin, the company announced Tuesday in its fourth quarter financial report

The company stated around 3Having bought 318 bitcoins and expanded in October 2020 purchase of 4709 Square said it accounts for about 5% of the company’s total assets as of the end of 2020

“The investment is part of Square’s ongoing commitment to Bitcoin, and the company plans to continue evaluating its overall investment in Bitcoin versus its other investments,” said the company in its earnings announcement. Its CEO Jack Dorsey was also an advocate the digital currency

Companies increasingly lean towards Bitcoin as it becomes mainstream Tesla announced earlier this month that it had purchased $ 1 billion worth of Bitcoin for “more flexibility to further diversify and maximize the return on ours Cash “

Pouring it into the digital coin carries risks due to its volatility, according to Daniel Ives, an analyst at Wedbush, Tesla’s share price is now directly linked to the price of Bitcoin

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Square, Bitcoin, Cryptocurrency, Cash App, Earnings

News – US – Square buys Bitcoin worth 170 million US dollars
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Source: https://www.cnbc.com/2021/02/23/square-buys-170-million-worth-of-bitcoin.html