Jack Dorsey’s Square Announces Bitcoin Linked Mining System, Doubles Crypto Investment
Jack Dorsey’s fintech firm Square recently doubled its Bitcoin investments. The company had invested a total of $ 220 million in Bitcoin, which is currently worth over $ 470 million. For reference, the investment amount was around Rs. 1,650 crore and Bitcoins held by the company are currently worth Rs. 3,526 crore (approximately). The surge in the value of Square’s investment is caused by the rally in Bitcoin over the past month.
Square’s investment in the world’s largest cryptocurrency has made it one of the few companies to have recently doubled their Bitcoin investments, including Tesla and MicroStrategy. According to a recent report published in the Bitcoin Magazine, Jack Dorsey’s fintech firm owns more than 8,000 bitcoins, which are bought at an average price of $ 220 million, which represents an average price per coin of $ 27,607 (which roughly equates to Rs. 20, 56 lakhs).
Jack Dorsey’s fintech doubles its Bitcoin investments
The report mentions that Square first announced that it had bought back Bitcoin in October 2020, when the company bought 4,709 Bitcoins for a total purchase price of $ 50 million. Subsequently, the company mentions in its fourth quarter and annual report that it has purchased more than 3,300 bitcoins for a total price of $ 170 million, bringing the total investment to $ 220 million. In September 2021, the price of Bitcoin was floating below $ 50,000 or Rs. 37.51 lakhs but recently it exceeded $ 60,000. The current price of Bitcoin in India is over Rs. 47 lakhs.
Square was launched by Dorsey in 2009 when the fintech company brought together multiple merchant services and mobile payment services into one product. Square allows customers to tip, pay and sing along to a merchant’s tablet or smartphone, making it easy to pay with credit cards, cash and gift cards. Those who run a business can also use the app to exchange invoices, monitor sales data, and track inventory.
Jack Dorsey, CEO and co-founder of the popular microblogging platform Twitter, has recently worked on numerous Bitcoin-related projects. He advocates and promotes Bitcoin as an internet currency on Twitter, which also plans to introduce the creator tip functionality into cryptocurrency. More recently, Jack also said that his fintech company Square is eagerly awaiting a Bitcoin mining system for individuals as well as businesses globally.
Square plans to create a custom, open-source, silicon-based Bitcoin mining system for individuals and businesses around the world. If we did that, we would be following our hardware wallet model: building in the open in collaboration with the community. First some thoughts and questions.
– jack⚡️ (@jack) October 15, 2021