Square has just made another colossal investment in bitcoin, more than tripling its last investment in the cryptocurrency with a $170 million purchase of tokens. The digital payments company, which is run by vocal bitcoin advocate and Twitter CEO Jack Dorsey, disclosed the investment in its quarterly earnings report on Tuesday.
The company purchased about 3,318 bitcoins at an average price of $51,236, which signals remarkable confidence in bitcoin as it reaches record heights and invites renewed skepticism about its stability.
“Aligned with the company’s purpose, Square believes that cryptocurrency is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and secure their own…