Square buys extr$ 170 million in bitcoin to increase cryptocurrency holdings

Square (SQ) announced Tuesday that it has bought $ 170 million worth of bitcoin to add to its expanding position.

The new purchase from the payment company now brings its total bitcoin holdings to around 5% of its cash and equivalents. The 3,318 bitcoin Square average says the purchase would indicate an average price of around $ 51,235 per bitcoin (BTC-USD). The cryptocurrency had dropped below $ 48,000 on Tuesday at the time of Square’s announcement.

“In line with the company’s purpose, Square believes cryptocurrency is an economic empowerment tool, providing a way for people to participate in a global monetary system and secure their financial …

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