Recently, Amrita Ahuja, CFO at payments solution provider Square Inc. (NYSE: SQ), chief financial officer, talked about her company’s plans for Bitcoin.
During an interview with Fortune, which was published on Monday (March 29), Ahuja, who joined Square in January 2019 from Blizzard Entertainment, she said:
“There’s absolutely a case for every balance sheet to have Bitcoin on it.”
She also told Fortune:
“We see Bitcoin and cryptocurrencies as expanding access to financial services, especially when you think more globally.“
On 23 February 2021, the FinTech firm announced fourth quarter and full year 2020 results. In its press release, Square said that it had bought another $170 million worth of Bitcoin:
“Square… has purchased approximately 3,318 bitcoins at an aggregate purchase price of $170 million. 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.
“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 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.“
Square’s CFO told CNBC back then that Bitcoin “has the potential to be the native currency of the internet” and that Bitcoin is becoming an increasing par of their business.
Ahuja told Fortune that Square intends to hold Bitcoin “for the long term.”
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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
