Square has just made another colossal investment in bitcoin, more than tripling its last investment in cryptocurrency with a $ 170 million token purchase. The digital payments company, led by bitcoin vocal advocate and Twitter CEO Jack Dorsey, released the investment in its quarterly earnings report on Tuesday.
The company bought about 3,318 bitcoins at an average price of $ 51,236, which signals remarkable confidence in bitcoin as it reaches record highs and invites renewed skepticism about its stability.
“In line with the company’s purpose, Square believes that cryptocurrency is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and ensure their own financial future,” says the company’s press release 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 against its other investments on an ongoing basis.”
Square announced a major investment in bitcoin in October last year, when it bought $ 50 million in tokens, when a single bitcoin cost just over $ 10,000. The current price of a single bitcoin is just under $ 50,000, after a slight drop after the month-long currency hike to an eventual historic high of just over $ 58,000 earlier this week.