Square Inc raised the bets on bitcoin by investing $170 million more and Chief Executive Jack Dorsey promised on Tuesday to “double down” on the payment firm’s commitment to the world’s biggest cryptocurrency.
“The Internet needs a native currency, and we believe bitcoin is it,” the longtime bitcoin enthusiast and chief executive of social media firm Twitter Inc said.
Square bought 3,318 bitcoins in the fourth quarter, adding to the mainstream acceptance of the digital currency that has been winning support from several big investors.
“By us owning bitcoin, our incentives are aligned with skin in the game,” Dorsey said on a post-earnings conference call with analysts.
Square has been involved with the currency for years and its Cash App, a payments service, has allowed users to trade it since 2018.
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