Twitter CEO Increases Square’s Bitcoin Investment

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Twitter founder Jack Dorsey is a big fan of all things crypto, which is why it was particularly sad to see that his social media platform was used over the summer to stage the biggest Twitter Bitcoin scam ever, social engineering and taking over the accounts of various celebrities to ask for payments in crypto.

Dorsey didn’t let it bother him too much and continued  Bitcoin and crypto with his new company Square. Yesterday it joined a long line of Wall Street firms this year which have announced direct investments in Bitcoin.

BREAKING: Square has invested $50 million in Bitcoin and will hold the digital currency on their balance sheet.

Every corporation will eventually do this. @jack continuing to lead the way!

— Pomp ? (@APompliano) October 8, 2020

Square announced that it had purchased some 4,709 bitcoins at an aggregate purchase price of $50 million.

The official press release said :

Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company’s purpose.

Square CFO Amrita Ahuja explained:

We believe that bitcoin has the potential to be a more ubiquitous currency in the future. For a company that is building products based on a more inclusive future, this investment is a step on that journey.

MicroStrategy and Paul Tudor Jones

Square is only the latest of many Wall Street firms that have invested directly in Bitcoin, signaling trust in the world’s best known crypto coin.

Earlier this year, MicroStrategy invested $425 million bitcoin over a series of disclosures that pumped the stock’s value and revealed its CEO, Michael Saylor, to also be a Bitcoin maximalist.

First, it was @michael_saylor and publicly traded @MicroStrategy buying $425million of #Bitcoin. Today, it is @jack and @square buying $50million of bitcoin. Tomorrow, it will be another visionary leader, and another, and another…the tsunami is coming https://t.co/MjF5z6u7ha

— Tyler Winklevoss (@tylerwinklevoss) October 8, 2020

They followed legendary hedge fund manager Paul Tudor Jones who revealed in May of this year that Wall Street could be witnessing the historic “birthing of a store of value” through popular cryptocurrency Bitcoin. By now Tudor Jones says he has at least 2% of his assets in Bitcoin.