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Square buys 4,709 bitcoins for $50 million on the potential it will be a ‘ubiquitous currency’ – Business Insider Australia
Square jumped as much as 3% on Thursday after it announced it had purchased 4,709 bitcoins for an aggregate price of $US50 million.
- Square said on Wednesday it purchased 4,709 bitcoins at an aggregate purchase price of $US50 million.
- The digital payments company said the investment represents approximately 1% of Square’s total assets at the end of the second quarter of 2020.
- Square sees potential for bitcoin to become “a more ubiquitous currency” in the future, the company said.
- The direct investment into bitcoin builds upon its previous investments in the crypto industry.
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