Jack Dorsey planned to buy Bitcoin (BTC) by using the company’s funds.
Jack Dorsey is a tech entrepreneur known for co-founding Twitter and Block (formerly Square). He’s recognized for his innovative approach to technology and his interest in Bitcoin. In Nov 2021, Dorsey stepped down from the Twitter (now X Inc) CEO position, to utilize full time at his company Block Inc. His company is currently in the final phase of production of highly efficient & easy to install Bitcoin mining equipment.
On 3 May 2024, Jack Dorsey shared his full strategy to purchase Bitcoin (BTC) by using the company’s fund.
Block plans to invest 10% of its gross profit from its Bitcoin product into buying more Bitcoin each month. They aim to build a solid economic foundation by consistently investing in Bitcoin.
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This company is currently holding 8,038 BTC. 4,709 BTC purchased by the company for $50 million at $10,618 per BTC. Subsequently, in Feb 2021, the company purchased an additional 3,318 BTC at an aggregate price of $170 million at $51,236.
This is really good news for the Bitcoin market, as a big player entered into the Bitcoin market to buy Bitcoin on a regular basis in bulk.
Just a few days ago, the former CEO of Bitcoin bull firm Microstrategy indirectly suggested top companies adopt Bitcoin to gain better economic confidence among the stock assets investors.
Following the adoption of the Bitcoin investments strategy, the trade price of Microstrategy ($MSTR) stock surged nearly 950% and here this is a big hint for the stock investors to make money with Block stock investment.
Following the decision to buy Bitcoin every month, the trade price of Block stock surged 9% in 24 hours.
Read also: Crypto firm executives to hold a meeting with Nigerian securities regulatory body
Former Twitter CEO Jack Planning To Buy Bitcoin (BTC)
https://bitcoinik.com/former-twitter-ceo-jack-planning-to-buy-bitcoin-btc/feed/
https://bitcoinik.com/former-twitter-ceo-jack-planning-to-buy-bitcoin-btc/feed/
