Square Invests $50M In Bitcoin; Dorsey Sees A Currency For The Internet

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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 markets several software and hardware payments products and has expanded into small business services.

SQ, Bitcoin Price Action: The price of one bitcoin was $10,746.86 at the time of publication Thursday.  

Square shares were trading 1.57% higher at $183 after the market open. 


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Mark Zuckerberg, Jack Dorsey, Sundar Pichai to testify before Congress this month


Facebook CEO Mark Zuckerberg testified via video before members of the House judiciary’s antitrust subcommittee in July.

Screenshot by Queenie Wong/CNET

Facebook CEO Mark Zuckerberg and Twitter CEO Jack Dorsey have agreed to testify before Congress on Oct. 28. Google CEO Sundar Pichai has also accepted, a report late Friday said. The news comes a day after the US Senate’s Commerce committee voted unanimously to subpoena the appearances of Zuckerberg, Pichai and Dorsey. The CEOs agreed to appear without being subpoenaed, according to The Washington Post Friday.

The hearing relates to changes being considered to Section 230 of the 1996 Communications Decency Act. Section 230 is considered the most important law protecting speech online. It prevents social media platforms, such as Facebook and Twitter, and internet providers, such as Verizon and Comcast, from lawsuits over posts made by users on their services.

Twitter began labelling President Donald Trump’s tweets in in May, flagging them as being “potentially misleading.”  The situation culminated in Trump signing an executive order targeting social media platforms like Twitter and Facebook. The order resulted in the Justice Department last week unveiling its proposal to amend Section 230 to remove protections for online platforms. 

Jack has voluntarily agreed to testify virtually before the Senate Commerce Committee on October 28 — less than a week before the US Presidential Election,” Twitter confirmed in a tweet. “We’ve made our views clear on reactionary and politicized attempts to erode #Section230. They threaten the future of online speech and Internet freedoms. Reasoned and productive debate is essential.”

Facebook confirmed Zuckerberg’s appearance, but declined to comment. Google didn’t immediately respond to a request for comment. Both Zuckerberg

Bitcoin And Blockchain Are The ‘Future’ Of Twitter, CEO Jack Dorsey Reveals

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.

MORE FROM FORBESBlow To Bitcoin As Portnoy Warns Cryptocurrencies Are Just ‘One Big Ponzi Scheme’

“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, where it exists forever on every single node that’s connected to it,” Dorsey told Human Rights Foundation president Thor Halvorssen.

“The whole spirit of bitcoin, for instance, is to provide a trusted system in a distrusted environment, which is the internet,” Dorsey said.

Dorsey said he expects his recently established nonprofit Blue Sky, which is in the midst of recruiting “a team of up to five architects, engineers, and designers,” to create a public blockchain platform and open Twitter protocol.

“The goal is for Twitter to ultimately be a client of this standard,” Dorsey, who is also the chief executive of payments company Square
, said via Twitter in June when he announced the creation of the organization.

“[Blue Sky] is a completely separate nonprofit from the company [Twitter],” Dorsey told Halvorssen. “We’ll focus on becoming a client of it so we can build a compelling service and business