Square payment platform has bought 4,709 bitcoins worth $ 50 million, one of the firm's largest investments in the crypto industry.
This means that the investment represents only 1% of Square's total assets for the end of the second quarter of 2020.
Does this purchase lead to a surge in bitcoin prices? For now, it costs around $ 10,775.
In a statement, Square said their confidence in the cryptocurrency as a stepping stone in strengthening the economy and opening up opportunities for the world to absorb the global monetary system.
Back in 2018, CEO Square and Twitter, Jack Dorsey once posted a tweet about the cryptocurrency being the world's leading currency.
So, it does not matter if Square increases the bitcoin investment in the Cash application in the same year and in 2019 they have set up an independent coalition, Square Crypto to contribute bitcoin open-source work (bitcoin open-source work).
Last month Square launched a non-profit community, the Cyptocurrency Open Patent Alliance. It aims to maintain the open source nature of cryptocurrencies by collecting patents in the shared library to defend against patent intruders.
Square announced in May that bitcoin revenue for the first quarter amounted to $ 306 million, with the latest total rising to $ 1.38 billion, a high jump of 367% since last quarter.
