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August 9, 2022
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Bitcoin

Square CFO: “this is why all companies should buy Bitcoin”

In an interview with Fortune, Square CFO Amrita Ahuja presented the corporate case for adopting Bitcoin.

Michael Saylor, CEO of Microstrategy, as well as Ahuja said that cryptocurrency is part of an evolution of financial services globally.

Square, led by Jack Dorsey, and the company led by Saylor were among the first publicly traded companies in the U.S. to add BTC to their treasuries. His adoption thesis, to protect the value of his companies in the midst of an inflationary macroeconomic environment. Ahuja told Fortune:

“There is absolutely a case for owning Bitcoin. The investment we made on our Bitcoin balance sheet represents about 5% of our cash; we intend to maintain it in the long term. ”

The executive said the company’s long-term plan is to maintain its investment in Bitcoin, following the strategy proposed by MicroStrategy and Tesla. This company recently revealed the details of BTC’s acceptance to purchase its products and, via Twitter, Musk stated that would keep the resources in the BTC.

BTC purchases by Square, MicroStrategy, Tesla and others have generated a domino effect that has driven institutional participation to unprecedented levels. In Canada, three financial products were approved to give investors BTC exposure and, as analyst Lex Moskovski shows, their performance exceeded all expectations.

“Retail demand is still here.

The Canadian #Bitcoin ETF did not have a single day of departures. This is rare.”

The use of Bitcoin in the Cash App accelerates

The Covid-19 pandemic has accelerated the adoption of digital payment methods and cryptocurrencies. In support of this statement, Square’s CFO said that in January of this year alone, 1 million new consumers used the Cash App to buy Bitcoin. In 2020, at least 3 million people used Square’s product to trade with the cryptocurrency.

The executive revealed that, in support of the adoption of Bitcoin, they eliminated transaction fees from the Cash App for cryptocurrency users. In parallel, the company will continue to distribute grants to Bitcoin developers to support the growth of the ecosystem and its protocol.

Through Twitter, Square’s crypto department announced that scholarship holders will be able to choose how they want to receive their funds. Scholars may choose between BTC or fiat currency.

Bitcoin is trading at $ 57,675, with gains of 4.9% in the last 24 hours. Last week, the cryptocurrency changed sides (0.2%), but kept its gains at 23.9% last month.

Source: NewsBTC

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