Jack Dorsey’s Square Doubles Value of Its Bitcoin Holdings After Recent Rally


The recent rally in bitcoin has allowed Jack Dorsey’s fintech firm Square to double its investment in the popular cryptocurrency. According to a report, the company had invested a total of $220 million (Rs 1,650 crore) in bitcoin, which is now over $470 million (Rs 3,526 crore). A large part of the increase in the value of Square Holdings was mainly due to a large rally in the price of bitcoin over the past month. Bitcoin was trading under $50,000 (Rs 37.51 Lakh) a month ago, but on Saturday it was trading around $62,000 (Rs 46.52 Lakh), which is an increase of about 25 percent.

according to a report good In Bitcoin Magazine, Square holds approximately 8,027 . Is bitcoins, received at a total purchase price of $220 million and an average price per bitcoin of $27,407 (Rs. 20.56 million), which includes fees and expenses.

Social class First announced that it has purchased 4,709 bitcoins in October 2020 at a total purchase price of $50 million (Rs 375 crore). In its full year 2020 report, the company said that it has purchased approximately 3,318 bitcoins for a total purchase price of $170 million. (Rs 1,275 crore). The report noted that among other companies – MicroStrategy and Tesla – whose bitcoin investments have doubled recently, Square has acquired its bitcoin at the lowest average price per coin. bitcoin price in india was around Rs. ₹47.7 lakh on writing this copy.

Twitter CEO and co-founder Jack Dorsey has been very bullish on bitcoin and has often supported the cryptocurrency on the social media platform. Recently, he said that Square, a San Francisco-based startup, is looking to venture into bitcoin mining system For individuals as well as businesses across the world. “If we do this, we will follow our hardware wallet model: build in the open in collaboration with the community,” Dorsey said in a tweet.

Dorsey launched Square in 2009, bringing together merchant services and mobile payments into a single, easy-to-use service.

Square POS lets customers pay, tip, and sign on a merchant’s mobile phone or tablet, and merchants can process payments made with credit cards, gift cards, and cash. Business owners can also use the app to send and track invoices, access real-time sales data, and track inventory in real-time.

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