Square said Thursday it bought 4,709 bitcoins, worth approximately $50 million.
"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," the company said in a release.Payment company Square is buying a large block of bitcoin, an unusual use of corporate cash.
"We believe that bitcoin has the potential to be a more ubiquitous currency in the future," said Square's Chief Financial Officer, Amrita Ahuja, in a release. "As it grows in adoption, we intend to learn and participate in a disciplined way. For a company that is building products based on a more inclusive future, this investment is a step on that journey."
Square founder and CEO, Jack Dorsey, is a advocate of the digital currency, saying in 2018 the cryptocurrency will eventually become the world's "Using it or another cryptocurrency as a global currency would lower the barrier for Dorsey's payments company to enter new markets,Bitcoin has been marked by volatility in its 11-year existence. That and its high transaction costs have largely kept it from being used as an everyday payment method.
"This is an instrument we use as a hedge," Palihapitiya said. "I don't think this is something that you trade and the more people obsess and focus, in my opinion at least, on what the price action is, the more that it will confound you, the more it will frustrate you. You buy it, you hold it, you put it away and you hope that you never need it," he added.for exclusive insights and analysis, and live business day programming from around the world.
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