Twitter CEO Dorsey's Square firm invests $170 million in Bitcoin

Twitter CEO Jack Dorsey's credit and payments firm Square has invested $170 million in Bitcoin, tripling his previous investment in the cryptocurrency giant.

The company reportedly purchased 3318 bitcoins at an average price of $51,236, according to the company's quarterly earnings report.

The company announced in a statement that "Combined with Square's previous purchase of $50 million in bitcoin, this represents approximately five percent of Square's total cash, cash equivalents and marketable securities as of December 31, 2020".

The announcement came as Bitcoin's value surged past $50,000, setting a new record.

"Aligned with the company's purpose, Square believes that cryptocurrency is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and secure their own financial future," the company said.

The investment is part of Square's ongoing commitment to bitcoin, and the company plans to assess its aggregate investment in bitcoin relative to its other investments on an ongoing basis.