In the fiscal fourth-quarter report on Tuesday, the American financial services provider  Square Inc. revealed that it has bought $170 million worth of bitcoin. 

In October 2020, Square bought  4,709 bitcoin. Recently, the company has topped up its assets base with 3,318 more bitcoins.  Now the 5% of total digital payment company’s assets exist in bitcoin.

Bitcoin has been closing in on $59,000 last week. This week the currency’s price has had a huge plunge of 20%. At the time of this writing, bitcoin’s price is below $50K.

Square is Bullish on Bitcoin:

Square is bullish on bitcoin along with Tesla and Microstrategy. The founder of Square company, Jack Dorsey is also the CEO of Social Media Platform Twitter. He is among the list of crypto-friendly billionaires like Elon Musk. Jack posted a picture of bitcoin mining from his personal Twitter handle last month.

“Aligned with the company’s purpose, Square believes that cryptocurrency is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and secure their own financial future,” the Square’s press release read. “The investment is part of Square’s ongoing commitment to bitcoin, and the company plans to assess its aggregate investment in bitcoin relative to its other investments on an ongoing basis.”

Crypto’s embrace by institutions is rapid despite the concerns of authorities over the market’s unpredictability. Last week founder of Microsoft Bill Gates expressed his scepticism on the cryptocurrency industry. He highlighted the mania oriented price movements of bitcoin.