Square invests $170M in bitcoin for Asian and African Developments

February 25, 2021

Square a payment and credits company owned by Twitter CEO Jack Dorsey’s has invested around $ 170M in bitcoin. This is 3 times more than its previous investment in cryptocurrencies. On Tuesday, the company reported in its quarterly earnings that it has purchased approximately 3,318 bitcoins at an average price of 51,236.

Adding to Square’s purchase of $50 million in bitcoin, the company said, this is 5 percent of the Square firm’s total cash as of December 31, 2020. The company’s announcement comes at a time when the price of bitcoin has risen to a record high in the past few months. Right now a bitcoin is worth a little under $50,000.

Pic Credit! instagram

The company further said that in keeping with the company’s objective, Square believes that a cryptocurrency is a tool of economic empowerment, giving people the opportunity to participate in the global monetary system and secure their financial future.
Earlier 24th February Jay-Z a US Rapper and Twitter CEO Jack Dorsey made a Crypto investment of 500 bitcoins (INR 174 crore) for bitcoin development in areas countries as Africa and India.

Rakesh Jhunjhunwala demanded a ban
India’s veteran investor Rakesh Jhunjhunwala has opposed digital currency like bitcoin, saying that he will not buy bitcoin even for $5. In an interview with CNBC International TV, Jhunjhunwala said that only governments in the world have the authority to issue currency.
What will happen and what we’ll do tomorrow if people make 5 Lakhs Bitcoins, then what will happen to these virtual currencies.
In which there is a fluctuation of 5 to 10 percent in a day, can it be considered as currency? If the dollar moves 1-2 percent up and down it is news, but bitcoin is up and down 10-15 percent daily.

Rakesh Jhunjhunwala has opposed bitcoin and demanded a ban on it. At the same moment, the government is preparing to bring its own digital currency through the RBI.
I’m never going to invest in bitcoin-Rakesh Jhunjhunwala said in an interview.
More to this he said that this digital currency should be banned completely. I would not like to invest in everything. You should invest in the only thing that interests you. I’m never going to buy a single bitcoin in my entire life. Cryptocurrency should be banned completely.
News source inputs@indiatv

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