Bitcoin : First Choice among Top Businessmen

Twitter owner Jack Dorsey also invests millions of dollars in Bitcoin 



Bitcoin is now becoming popular in all sections. After the recent purchase of this cryptocurrency by Tesla owner Elon Musk, another big name has now been linked to Bitcoin. This is the name of Microblogging App, Twitter owner Jack Dorsey.

Dorsey invested a lot of money

According to the latest report, Twitter CEO Jack Dorsey's credit and payments firm Square has invested $ 170 million in Bitcoin. This is 3 times more than its previous investment in cryptocurrency. On Tuesday, the company reported in its quarterly earnings report that it had purchased approximately 3,318 bitcoins at an average price of $ 51,236.

The company said, "If you add a $ 50 million purchase of Square in Bitcoin, then it is 5 percent of the total cash of the Square firm as of December 31, 2020." The company made this announcement at a time when the prices of bitcoin have risen to a record high for the past few months. Right now a bitcoin costs just under $ 50,000.

The company further said, 'Keeping in mind the company's objective, Square believes that cryptocurrency is an instrument of economic empowerment, which gives people the opportunity to participate in the global monetary system and secure their financial future.'

 Let us tell you that earlier this month Dorsey and rapper Jay-Z announced to invest 500 bitcoins (about Rs. 174 crores) for bitcoin development in India and Africa.

 

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