Square Puts $50 Million in Bitcoin on Crypto ‘Empowerment’ Bet

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Square Inc. said it has made an investment of about $50 million in Bitcoin, cementing Chief Executive Officer Jack Dorsey’s vision of the currency as an instrument of economic empowerment.The financial payments company said it bought about 4,709 Bitcoins, representing about 1% of Square’s total assets as of the end of the second quarter.“We believe that Bitcoin has the potential to be a more ubiquitous currency in the future,” Chief Financial Officer, Amrita Ahuja said in a statement Thursday. “For a company that is building products based on a more inclusive future, this investment is a step on that journey.”Dorsey has long held an interest in cryptocurrency. In 2014, Square started letting merchants accept Bitcoin and has since introduced Bitcoin trading for users of its Cash App. In 2019, the company formed Square Crypto, an independent team focused on contributing to open-source work in Bitcoin and cryptocurrency.Bitcoin recouped earlier losses…

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