Square bought $50 million worth of bitcoin (BTC). The 4,709 are about 1% of the total assets of the company. The company reports this in a press release.
The company’s move is a logical one. At the helm is Jack Dorsey, besides being CEO of Twitter and Square, he is also an avid bitcoiner.
An example of Dorsey’s convictions: „Bitcoin best candidate for reserve currency on the internet“.
Conviction of Square
In addition to the personal convictions of their director, Square as a company is already busy with bitcoin. Via their Cash App, the company has already sold to BTC for hundreds of millions of dollars.
And now it’s time for the next step: Square sees bitcoin as an instrument that enables people to have more economic freedom. It is a way to participate in a money system worldwide.
Square CFO Amrita Ahuja: „We think bitcoin has the potential of Wealth Matrix to be the all-encompassing currency of the future“. In their press release, Square states that as a company they would like to serve this new world.
Part of the company is Square Crypto. This separate department focuses entirely on financing the development of the bitcoin protocol. Bitcoin developers are eligible for a donation or even an annual salary if they are building the open protocol.
Jack Dorsey wants to keep open source patents around Bitcoin with an alliance of companies.
In short: the company has a business interest in bitcoin with their Cash App. And they contribute to that in various ways.
However, Square now has an additional reason to bet on bitcoin: part of their assets are in bitcoin.
Bitcoin as a piggy bank
Square is not the only large American company that has recently converted part of its reserves into BTC. In fact, MicroStrategy recently went one step further: a large part of this company’s savings is now in bitcoin. The company has at least 38,250 bitcoin in cash.