Square’s Value of Bitcoin Holdings Double After Recent Surge
Because of the recent rise in Bitcoin, Jack Dorsey’s financial technology company Square has been able to more than quadruple its investment in the popular cryptocurrency. According to a source, the firm had invested an aggregate sum of $220 million in Bitcoin, which is currently worth more than $470 million at the time of writing.
A significant portion of the increase in the worth of Square’s assets was mainly attributable to a significant increase in the value of Bitcoin over the course of the previous month. Bitcoin was selling for less than $50,000 a month ago, but it was trading for about $62,000 on Saturday, representing a roughly 25% increase from the previous month.
Based on information published by the cryptocurrency publication Bitcoin Magazine, Square currently holds approximately 8,027 Bitcoins, which were purchased for a total purchase price of $220 million and an average price per Bitcoin of $27,000, excluding fees and costs. Square initially stated in October 2020 that it had acquired 4,709 Bitcoins for a total purchase price of $50 million at an overall purchase price of $50 million.
The business said in its FY20 report that it had bought about 3,318 Bitcoins for a total purchase price of $170 million, which amounted to roughly $170 million. Square has purchased its Bitcoin for the lowest average price per coin, according to the study, compared to the other businesses – MicroStrategy and Tesla – whose Bitcoin investments have lately quadrupled.
At the time of writing this article, the price of bitcoin was about $61,000. A strong supporter of Bitcoin, Twitter CEO and Co-Founder Jack Dorsey has been vocal about his enthusiasm for the cryptocurrency and has often endorsed it on his social media platform. Earlier this month, he said that Square, a San Francisco-based company, is contemplating expanding its operations into the Bitcoin mining network for people and companies across the globe.
As Dorsey put it in a tweet, “If we do this, we’ll follow our hardware wallet framework: develop in the open, in cooperation with the community.”
Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community. First some thoughts and questions.
— jack⚡️ (@jack) October 15, 2021
With the debut of Square in 2009, Dorsey united merchant services and mobile payments into a single, user-friendly solution that was designed to be simple to use. Merchants may accept payments from consumers using their mobile phones or tablets, and customers can tip and sign using their mobile phones or tablets.
Square POS accepts credit cards, gift cards, and cash payments. Business owners may also use the app to send and monitor invoices, view real-time sales data, and keep track of inventory in real time, among other functions.