twitter ceo’s bitcoin investment valued at twice
twitter ceo jack dorsey has doubled his profits with his bitcoin investment with his other company, square. square, the developer of the cash app app, announced a $ 50 million investment in btc in october 2020.
bitcoin investment by twitter ceo jack dorsey’s company, square, doubled with the arrival of the btc record. square, the developer of cash app, a money transfer app, announced in october this year that they had decided to buy btc. in the details of the investment, square announced that 1% of the company’s reserves had been allocated to bitcoin, and it was reported that $ 50 million worth of btc had been purchased.
twitter and square ceo jack dorsey wins 2x over bitcoin investment
after bitcoin’s record freshening, a tweet on december 17 raised the issue of square’s profit from btc investment, of which jack dorsey is ceo. one account on twitter stated that the value of square’s bitcoin investment had doubled to 2.
square, which created a $ 50 million investment plan for bitcoin, bought 4,709 btc on october 7, 2020 for about $ 10,600. when tweeted, the btc price was $ 21,400. the tweet was also retweeted by jack dorsey, and the twitter ceo once again supported that he was a bitcoin bull, as he often stated. bitcoin continued its rise on december 17 and beyond, taking square’s earnings even more than 2 times.
square’s support for bitcoin doesn’t stop
ceo jack dorsey has announced the launch of a new initiative to support the zero carbon project under bitcoin mining. the company announced that it would provide $ 10 million in grants to companies seeking to improve the use of renewable energy in the btc ecosystem. square also announced its partnership with watershed as part of this plan, which is expected to contribute to the development of the bitcoin ecosystem.
in a statement, dorsey expressed his belief that btc could be backed entirely by clean energy. dorsey believes that with this step, the carbon footprint can be eliminated and edible energy can be adopted globally.