Square, a Fin-Tech firm, had recently announced that $170,000,000 had been invested in Bitcoin. This announcement came this past Tuesday, on the 23rd of February. Interestingly enough, Square itself is as old as Bitcoin, and its co-founders Jim McKelvey, Tristan O’Tierney, and Chairman Jack Dorsey have all expressed interest in Bitcoin for quite a while now.
Square Truly Believes In Achieving Economic Independence Via Cryptocurrency
Towards the end of the last year, almost 5% of the overall cash as well as cash equivalents, in addition to marketable securities, of the firm had all been represented by their purchase of $50 million in Bitcoin. This 5% is also inclusive of the purchase of over 3,000 Bitcoins at an accumulated price which was $170 million.
This should not come as a surprise for anyone as the firm has consistently made the argument that cryptocurrency itself can be utilized to accomplish economic independence as well as empowerment, and will additionally lay out a path for willing parties to take part in a monetary system that will cover the entire planet in the years to come. The securing of one’s own financial future seems to thus be the goal for Square, and they want everyone to realize this as soon as possible as well.
Square further added that this investment is not only ongoing, but it can be best represented by their commitment to cryptocurrency and Bitcoin itself. Keeping this in mind, the firm aims to analyze its overall investment in Bitcoin in comparison to any and all other investments that it may also have on a near regular basis.
Bitcoin Has The Potential To Be Internet’s Native Currency
Bitcoin and cryptocurrency certainly have the potential to become the native and quite seemingly dominant currency of the Internet soon, according to a report provided by CNBC. The CFO representing Square who made this bold claim did so knowing of the vast interest that many firms across the world currently have in cryptocurrency, however, time will only tell just how much potential will be exploited in the years to come and the notion that cryptocurrency will replace physical assets as the dominant force for all time still remains to be seen.