Twitter’s Jack Dorsey reveals how and why Square invested $50 million into a block of nearly 5,000 bitcoins

Twitter’s Jack Dorsey reveals how and why Square invested $50 million into a block of nearly 5,000 bitcoins

Twitter CEO Jack Dorsey.

AP Photo/Jose Luis Magana

Twitter CEO Jack Dorsey shared how and why digital payments company Square bought 4,709 bitcoins for $50 million on Thursday.Dorsey was keen to share how Square's team executed the trades, and revealed the process in a white paper on the same day.Square's treasury team executed an over-the-counter transaction with a bitcoin broker using an average price of $10,617."This purchase from Square could make sure 10,000 remains a floor to the price," London Capital Group's head of research said.Visit Business Insider's homepage for more stories.

Twitter chief executive Jack Dorsey has laid out how payment company Square invested $50 million into a block of nearly 5,000 bitcoins on Thursday.

"More important than Square investing $50mm in #Bitcoin is sharing how we did it (so others can