Square's CEO, Jack Dorsey, is a big believer in the future of bitcoin. That's why Square (SQ) has been investing both directly and indirectly in digital currency. The company invested $50.0 million and $170.0 million in bitcoin in the fourth quarter of 2020 and the first quarter of 2021, respectively, doubling down as the price of the digital currency dropped. Meanwhile, Square has been investing in technology that eases bitcoin transactions. For example, its Cash App allows peer-to-peer bitcoin transactions, which generate a big chunk of Square's revenues. The trouble is that Square's big bet on bitcoin exposes the company to price and transaction risk.
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Square (NYSE:SQ)
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Square (NYSE:SQ)
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From Sep 2020 to Sep 2021 Click Here for more Square Charts.