Jack Dorsey donated 1 BTC to Bitcoin research and development center Brink as Square, the financial company he founded and directs, invest $170 million in Bitcoin.
The social media company he directs made the news recently when its CFO, Ned Segal, stated that Twitter had been considering allowing its employees to ask to be paid using Bitcoin, something that would require the company to invest heavily in BTC.
Mr. Dorset co-founded and acts as CEO of Square, a company that provides financial services and mobile payment solutions, which is valued at $120.67 billion according to Yahoo Finance.
The company which, had previously invested $50 million in BTC back in 2020, has now invested $170 million in BTC according to a public statement published on Tuesday.
The company commented that,
“Combined with Square’s previous purchase of $50 million in bitcoin, this represents approximately five percent of Square’s total cash, cash equivalents, and marketable securities as of December 31, 2020.”
In the statement, Square also made it clear that the company believes in the future of cryptocurrency as a means for individuals to participate in the global market and secure their financial future, which will be reflected in the future by the company’s plans to continue investing in BTC.
The news comes just weeks after Tesla’s acquisition of $1.5 billion worth of Bitcoin and the announcement of plans to accept it as a payment method for its products, which resulted in the price of BTC skyrocketing in the next few days.
Funding the Future of Bitcoin
Jack Dorsey has been vocal about his support for bitcoin and blockchain in general, revealing that he didn’t only personally invest in Bitcoin but also ran his own node in the network. Now, Mr. Dorsey is directly contributing to projects focused on the continued development of the Bitcoin network.
According to Brink’s official Twitter account, Dorsey donated 1 BTC to their developing funding efforts, the equivalent of over $50…