The company referred to crypto-currencies as „an instrument of economic empowerment“.
In a surprise move, Square announced the acquisition of 4,709 Bitcoin (BTC) for approximately $50 million at the time of publication of this article. The company’s co-founder, Jack Dorsey, has been a longtime advocate of Bitcoin and crypto currencies, while the company’s CashApp application allows users to invest in Bitcoin.
This news comes months after another publicly traded company, MicroStrategy, decided to convert a portion of its treasury stock to Bitcoin Millionaire. The company currently owns 38,250 BTCs and its CEO Michael Saylor has become one of Bitcoin’s most vocal advocates. Although MicroStrategy is a large company in its own right with a market capitalization of $1.5 billion, it falls short of Square, which has a market capitalization of $81 billion.
The attached press release from Square indicated that the measure is a kind of ideological statement:
„Square believes that cryptomoney is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which is aligned with the purpose of business.“
On September 30, Dorsey reprimanded Coinbase CEO Brian Armstrong for his apolitical leadership: