In October, Square said
for an aggregate purchase price of approximately $50 million. The move was in a bid to expand its exposure to the popular crypto currency, building ontop of its platform that already allows its users to buy, sell and transfer bitcoin.Since the October purchase, bitcoin has surged nearly 70% to a high of $17,850 as of Tuesday afternoon, representing paper profits of $34 million for Square's initial purchase.
Despite the recent rally, bitcoin still has its skeptics as not all investors are convinced of the utility that bitcoin provides.billionaire investor Ray Dalio listed 3 reasons why he can't get behind bitcoin as an everyday currency or store of wealth, though he did concede he "might be missing something."
According to Square's CFO Amrita Ahuja, Dalio is missing something. Bitcoin "has the potential to be a more ubiquitous currency in the future," Ahuja said in October.
MarkHubbard33 Waiting patiently for “Square facing bankruptcy after huge Bitcoin loss (or fraud)”. Check back in a month or two.
Very punchable face
Great news. Great ROI