{"id":84679,"date":"2020-10-08T17:50:10","date_gmt":"2020-10-08T14:50:10","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/jack-dorseys-square-adds-4709-bitcoin-to-its-balance-sheet\/"},"modified":"2020-10-08T17:50:10","modified_gmt":"2020-10-08T14:50:10","slug":"jack-dorseys-square-adds-4709-bitcoin-to-its-balance-sheet","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/jack-dorseys-square-adds-4709-bitcoin-to-its-balance-sheet\/","title":{"rendered":"# Jack Dorsey’s Square adds 4,709 Bitcoin to its balance sheet"},"content":{"rendered":"

“# Jack Dorsey’s Square adds 4,709 Bitcoin to its balance sheet <\/strong>”
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In a surprise move, Square announced<\/a> the acquisition of 4,709 Bitcoin (BTC) worth roughly $50 million at time of publication. The company\u2019s co-founder Jack Dorsey has been a long-term proponent of Bitcoin and crypto, while the company\u2019s CashApp<\/a> allows its users to invest in Bitcoin.<\/p>\n

This news<\/a> comes months after another publicly traded company, MicroStrategy, decided to convert a portion of its treasury into Bitcoin. Currently, the company holds 38,250 BTC and its CEO Michael Saylor has become one of the most vocal Bitcoin advocates. Though MicroStrategy is a large company in its own right with a $1.5 billion market capitalization, it pales in comparison to Square, which holds an $81 billion capitalization.<\/p>\n

Square’s accompanying press release indicated that the move is something of an ideological statement:<\/p>\n

\u201cSquare believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company\u2019s purpose.\u201d<\/p><\/blockquote>\n

On September 30, Dorsey chastised Coinbase CEO Brian Armstrong for his apolitical leadership:<\/p>\n

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#Bitcoin<\/a> (aka \u201ccrypto\u201d) is direct activism against an unverifiable and exclusionary financial system which negatively affects so much of our society. Important to at *least* acknowledge and connect the related societal issues your customers face daily. This leaves people behind: https:\/\/t.co\/0LMlF1qcmG<\/a><\/p>\n

\u2014 jack (@jack) September 30, 2020<\/a><\/p><\/blockquote>\n

The press release noted the investment represents approximately 1% of Square\u2019s \u201cassets as of the end of the second quarter of 2020.\u201d As of June 30, the company\u2019s total assets amounted<\/a> to $7.8 billion, so the acquisition may represent closer to 0.64% of the company’s assets.<\/p>\n<\/div>\n