Square buys $50 million in bitcoin, says cryptocurrency ‘aligns with company’s purpose’

Payment company Square is buying a large block of bitcoin, an unusual use of corporate cash.Square said Thursday it bought 4,709 bitcoins, worth approximately $50 million. This represents about 1% of Square's total assets as of the end of the second quarter of 2020."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. The price of the digital currency has risen to around $10,724 from $7,100 in January, according to industry site CoinDesk, in a year roiled with the coronavirus pandemic. The digital currency did drop below $5,000 during the recession in March. "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,…

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