Square has just made another whopping investment in Bitcoin, more than tripling its final investment in the cryptocurrency with a purchase of tokens worth $ 170 million. The digital payments company, led by vocal bitcoin lawyer and Twitter CEO Jack Dorsey, released the investment in its quarterly earnings report on Tuesday.
The company bought around 3,318 bitcoins at an average price of $ 51,236, which signals a remarkable level of confidence in bitcoin as it hits record highs and once again provokes skepticism about its stability.
“Consistent with the company’s purpose, Square believes that cryptocurrency is a tool of economic empowerment and enables individuals to participate in a global monetary system and secure their own financial futures,” said the company’s press release, in which the Purchase is announced. “The investment is part of Square’s ongoing commitment to Bitcoin. The company plans to continuously evaluate its overall Bitcoin investment versus its other investments.”
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 after the currency fell slightly after rising to an all-time high of just over $ 58,000 earlier this week after rising for months.