With Bitcoin’s recent climb, Jack Dorsey’s fintech startup Square has been able to double its stake in the popular cryptocurrency. According to a report, the corporation spent a total of $220 million (Rs. 1,650 crores) in Bitcoin, which is currently valued at over $470 million (Rs. 3,526 crores). A major portion of the increase in the value of Square’s holdings was attributable to a recent surge in the price of Bitcoin. Bitcoin was trading under $50,000 (Rs 37.51 lakhs) a month ago, but on Saturday it was trading at $62,000 (Rs 46.52 lakhs), a roughly 25% increase.
Square possesses roughly 8,027 Bitcoins, according to a report in Bitcoin Magazine, purchased for a total of $220 million and an average price per Bitcoin of $27,407 (Rs. 20.56 lakhs), inclusive of fees and expenses.
In October 2020, Square revealed that it has purchased 4,709 Bitcoins for a total of $50 million (Rs. 375 crores). The corporation started in its full-year 2020 report that it had purchased about 3,318 Bitcoins for a total purchase price of $170 million (Rs. 1,275 crores).
Square has acquired its Bitcoin for the lowest average price per coin, according to the research, compared to the two corporations whose Bitcoin investments recently quadrupled – MicroStrategy and Tesla. At the time of writing, the price of bitcoin in India was roughly Rs. 47.7 lakhs. Jack Dorsey, Twitter’s CEO and Co-Founder has long been a proponent of Bitcoin and has frequently endorsed it on the social media network. Square, a San Francisco-based firm, is considering entering the Bitcoin mining system for consumers and corporations globally, he said recently. “If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community,” Dorsey stated.
Dorsey founded Square in 2009, combining merchant services and mobile payments into a single, simple-to-use platform.
Customers may pay, tip, and sign on a merchant’s phone or tablet using Square POS, while retailers can accept credit cards, gift cards, and cash. The software also allows business owners to send and monitor invoices, view real-time sales data, and manage inventories in real-time.