Tuesday, April 13, 2021

Bitcoin recovers over $50,000 following Square’s $170 million purchase.

The Takeaway:

After crashing out of a months-long bull run, Bitcoin has rebounded following a $170 million bulk purchase from Jack Dorsey's Square.

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Bitcoin stabilized near $50,000 earlier today following news that Jack Dorsey’s payments company Square purchased a further $170 million worth of the cryptocurrency. In its Q4 earnings report released on Tuesday, Square disclosed that it had bought 3,318 bitcoins for a combined $170 million, following on from a $50 million purchase disclosed last October. Square now has 5% of its total assets invested in the leading cryptocurrency, Bitcoin. 


Square has tripled its last investment in bitcoin. 

Twitter CEO Jack Dorsey-led credit and payments firm Square has invested $170 million in Bitcoin, more than tripling its last investment in the largest cryptocurrency. “Combined with the payment firm’s previous investment of $50 million in bitcoin, this represents approximately five percent of Square’s total cash, cash equivalents, and marketable securities as of December 31, 2020,” the payment firm announced. The announcement has come at a time when the Bitcoin value has surged dramatically over the past few months, setting new records. At the time of writing, BTC is changing hands at just below $51,000. 


Jack Dorsey and Jay Z launched a 500 bitcoin trust.

Twitter CEO Jack Dorsey and popular American pop star Jay Z had announced a 500 bitcoin trust focusing on bitcoin developers from India and Africa. The announcement comes at a crucial time, especially for Indian developers, as the country’s government is reportedly planning a crypto ban. Jack Dorsey also cleared that the bitcoin trust would be independent and would be lead by a three-member team for which they are currently looking for a lead. Twitter CEO is a well-known Bitcoin proponent, and his crypto venture Square inc. has already become quite popular for spending bitcoin. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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