Square just made another colossal investment in bitcoin, more than tripling its latest investment in the cryptocurrency with a $ 170 million token purchase. The digital payments company, which is led by bitcoin advocacy vocalist and Twitter CEO Jack Dorsey, revealed the investment in its quarterly earnings report on Tuesday.
The company bought around 3,318 bitcoins at an average price of $ 51,236, indicating remarkable confidence in bitcoin as it reaches record heights and inviting renewed skepticism about its stability.
“Aligned with the purpose of the company, Square believes that cryptocurrency is an instrument of economic empowerment, providing a way for people to participate in a global monetary system and secure their own financial future,” the press release reads of the company announcing the purchase. “The investment is part of Square’s ongoing commitment to bitcoin, and the company plans to evaluate its aggregate investment in bitcoin relative to its other investments on an ongoing basis.”
Square first announced a major bitcoin investment in October last year when it bought $ 50 million worth of tokens when a single bitcoin cost just over $ 10,000. The current price of a single bitcoin is just under $ 50,000, following a slight drop after the coin’s month-long surge to an eventual all-time high of just over $ 58,000 earlier this week.