In a surprising move, Square announced the acquisition of 4,709 Bitcoin (BTC) worth about US$50 million at the time of this article. The company’s co-founder, Jack Dorsey, has long been an advocate of Bitcoin and cryptomeda, with the company’s CashApp allowing its users to invest in Bitcoin.
The news comes months after another publicly traded company, MicroStrategy, decided to convert a portion of its fortune into Bitcoin Pro. Today, the company owns 38,250 BTC and its CEO Michael Saylor has become one of Bitcoin’s most active advocates. Although MicroStrategy is a large company with a market capitalization of $1.5 billion, it is pale compared to Square, which has a market capitalization of $81 billion.
Square’s press release indicates that this change is a kind of ideology statement:
„Square believes cryptomoeda is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system that aligns with the company’s purpose.“
On September 30, Dorsey criticized Coinbase CEO Brian Armstrong for his apolitical leadership: