The bitcoin and cryptocurrency community was yesterday set alight by news payments company Square SQ , led by Twitter TWTR chief executive and outspoken bitcoin advocate Jack Dorsey, had bought $50 million worth of bitcoin. MORE FROM FORBES Goldman Sachs Warned It Will Soon Be Scrambling To 'Catch Up' On BitcoinThe bitcoin price has jumped 5% since yesterday, with the bitcoin and cryptocurrency community ... [+] cheering Jack Dorsey's payments company Square buying some $50 million worth of bitcoin. The bitcoin price began to climb along with stock markets yesterday, coinciding with Square's revelation it had bought 4,709 bitcoin for $50 million—about $10,600 per bitcoin and representing almost 1% of the company's total assets as of the second quarter of 2020. CoinbaseSquare, along with its CEO Jack Dorsey, has long championed bitcoin and its underlying philosophy of decentralization. Square Crypto, an independent team within the company, was created last year tasked with supporting open-source bitcoin development.

Source: Forbes October 09, 2020 23:08 UTC