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Square (NYSE: SQ) announced Thursday that it has purchased $50 million in bitcoin.

“Square believes cryptocurrency is an instrument of economic empowerment and provides a way to participate in a global monetary system, which aligns with the company’s purpose,” the payments company said in a tweet. 

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Related Link: Square Reports Q4 Earnings Beat

Dorsey A Bitcoin Bull: Jack Dorsey is the CEO of Square as well as Twitter Inc (NYSE: TWTR). 

Dorsey recently said he believes bitcoin remains the most viable currency for the internet in an interview with Reuters.

The internet “wants a currency,” and bitcoin is the “best manifestation of that thus far,” he said. 

“I can’t see that changing given all the people who want the same thing and want to build it for that potential.”

Square is a financial services and mobile payments company based in San Francisco. The company

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Twitter
TWTR
chief executive Jack Dorsey is one of bitcoin’s biggest proponents in Silicon Valley.

Dorsey, who earlier this month said bitcoin is “probably the best” native currency of the internet, has previously gone as far as saying bitcoin has the potential to be the world’s sole currency by 2030.

Now, speaking at the virtual Oslo Freedom Forum 2020, Dorsey has said bitcoin and its underlying decentralized blockchain technology are the future of Twitter.

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“Blockchain and bitcoin point to a future, and point to a world, where content exists forever, where it’s permanent, where it doesn’t go away,

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