The payment company led by Twitter co-founder Jack Dorsey announced that it has invested another $170 million in the crypto currency, leading bitcoin to 7.9% profits.
Bitcoin has stabilised above $50,000 after it became known that Square, the payment company run by Twitter co-founder Jack Dorsey, has invested another $170 million in the crypto currency.
Square reported fourth-quarter results on Tuesday that it had bought 3,318 bitcoins for $170 million. The investment comes after the $50 million bitcoin purchase last October. Square now has 5% of its total bitcoin investments. Bitcoin now has a profit of 7.9% and reaches up to $50,964.
“Square believes that crypto currency is a means of economic empowerment, it provides a way for individuals to participate in a global monetary system and secure their own financial future,” the company said in a statement.
The news helped stabilise the price of bitcoin and reverse previous losses. The world’s largest digital currency lost more than 10% earlier on Tuesday, leading to a wider sell off in the crypto currency market. On its worst days, it reached $45,000.