Square’s Value of Bitcoin Holdings Double After Recent Surge October 17, 2021 October 17, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsOctober 17, 2021 by Kelly Cromley

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.”

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.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.