American mobile payment, financial services and merchant services aggregator; Square Inc, has purchased Bitcoin worth 50 million dollars (5.4 billion Kenyan Shillings).
The company via a statement, revealed that it looks at cryptocurrency as “an instrument of economic empowerment.”, adding that cryptocurrency aids in the increase of inclusivity with regards to the global monetary system which really is one of its uses.
The purchase by the company which is led by Twitter’s founder; Jack Dorsey, constitutes of 4,709 bitcoins and is 1 percent of Square’s assets by the end of the second quarter.
This investment is proof of the financial services company’s commitment towards cryptocurrency and specifically Bitcoin which is gearing up towards becoming an ever-present currency in the not so distant future.
Square’s revenues from Bitcoin rose by 367 percent in May 2020 to 306 million dollars (33.2 billion Kenyan Shillings) against a total revenue of 1.38 billion dollars (149.8 billion Kenyan Shillings) after the increase in active users, alongside an increase in the demand for Bitcoin.
On Thursday the 8th of October 2020 traded at almost 11,000 dollars (1.194 million Kenyan Shillings) thanks to a 2 percent increase which brought it to 10,963.16 dollars (1.190 million Kenyan Shillings).
In the last month Bitcoin has gained around 7 percent and gained more than 50 percent since the beginning of 2020.
The cryptocurrency has gained about 7% over the past month and is up over 50% since the start of the year.
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