Jack Dorsey, Twitter CEO has invested a huge sum of money in Bitcoin. His other company called Square for credit and payments invested the amount of $170 million which was more than their last investment.
Bitcoins Represents High Percents Of Square Investments
As per the latest updates, the price of Bitcoin currently is $51,236. The currently has reportedly purchased about 3,318 bitcoins after they revealed their quarterly earnings report earlier this week.
The company announced that Square had previously purchased bitcoins for $50 million. Along with the current investment, the cash equivalents registered for the company are in terms of Bitcoin investments. The report further suggested that approximately five percent of their equivalents and marketable securities are in Bitcoins as of December 31, 2020.
The company further said that Square strongly believes in the rise of Bitcoins in the coming future. They said that cryptocurrency holds the power of economic development. It further allows the common citizens to participate in the global monetary systems and safeguard their finances as well.
This comes after the price of Bitcoins surged drastically in the past few months and set new records. Earlier this year, Elon Musk, Tesla CEO also invested huge sums of money in Bitcoins. Musk invested $1.5 billion in Bitcoins. After the announcement, there also reports that suggest that Tesla might be looking forward to accepting payments in Bitcoins for their products. However, it is not official yet.
Twitter CEO Finds Poetry In Bitcoins
Rapper Jay-Z and Dorsey also invested 500 Bitcoins (worth approximately Rs 174 crores). The aim to fund the empowerment of Bitcoins development in regions like India and Africa initially.
In a statement, Dorsey said that he finds Bitcoins like poetry. He sees them as an opportunity to change the world. Meanwhile, the Bitcoins total market value has now passed $1 trillion last week.