Jack Dorsey's Square announces bitcoin-related mining system, doubles investment in crypto

Jack Dorsey's fintech firm called Square has doubled its Bitcoin investments in the recent past. The company had invested an aggregate of $220 million in Bitcoin which is currently worth over $470 million. For reference, the investment amount was roughly Rs. 1,650 crores and the BItcoins owned by the company are currently worth Rs. 3,526 crores (approximately). The surge in the value of Square's investment is caused by Bitcoin's rally over the past month.

Square's investment in the world's largest cryptocurrency has made it among the few firms that have doubled their Bitcoin investments recently, including Tesla and MicroStrategy. According to a recent report published in the Bitcoin Magazine, Jack Dorsey's fintech company holds more than 8,000 bitcoins, that are purchased at an average price of $220 million, which accounts for an average price per coin of $27,607 (roughly translating to Rs. 20.56 lakhs).

Jack Dorsey's fintech firm doubles investment in Bitcoin

The report mentions that Square first announced that it had bought Bitcoin back in October 2020, when the firm bought 4,709 Bitcoins at a total purchase price of $50 million. Thereafter, the company mentions in its fourth quarter and full-year report that it purchased more than 3,300 bitcoins at a total price of $170 million, which brings the total investment to $220 million. In September 2021, Bitcoin's price was floating under $50,000 or Rs. 37.51 lakhs but recently, it surged beyond $60,000. The current Bitcoin price in India is over Rs. 47 lakhs.  

Square was launched by Dorsey back in 2009 when the fintech firm brought together several merchant services and mobile payments services into one product. Square lets customers tip, pay, and sing on a merchant's tablet or smartphone making it easy to make payments with credit cards, cash and gift cards. Those who run a business can also use the application to exchange invoices, monitor sales data and track inventory.

Jack Dorsey, the CEO and Co-Founder of the popular microblogging platform Twitter, has been working on many Bitcoin-related projects in recent times. He advocates and promotes Bitcoin as the currency of the internet on Twitter which is also planning to introduce the feature of tipping creators in cryptocurrency. Most recently, Jack has also said his fintech company Square is looking forward to a Bitcoin mining system for individuals as well as businesses on a global level.