2/23, 10:12 PM (Source: TeleTrader)
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Square buys over 3,000 Bitcoins for $170 million

Jack Dorsey's Square Inc. announced on Tuesday it has purchased 3,318 Bitcoins for around $170 million, citing cryptocurrency as an "instrument of economic empowerment."

This is Square's second major investment in the world's most popular cryptocurrency, as it had previously bought $50 million worth of Bitcoin. According to the statement, the company plans to review its investment relative to other investments on a regular basis.

Bitcoin still posted losses to trade at $48,121 at 4:15 pm ET, declining more than 11%.

Breaking the News / ND