bitcoin

Jack Dorsey-owned Square doesn’t have plans to buy more Bitcoins

Square has no plans to purchase more Bitcoin (at least in the foreseeable future) according to the company’s CFO, Amrita Ahuja.

The digital payments company has halted plans to acquire more BTC.

“We don’t have any plans at this point to make further [Bitcoin] purchases. There are no plans at this point to re-evaluate where we are from a treasury standpoint,”

Ahuja said while speaking to Financial News.

We’re always evaluating and as ever, I think we’d be customer-led. As we see the evolution of the Bitcoin product or crypto products in general, I think we’ll make further assessments at that point,”

The Jack Dorsey-owned company suffered a loss of $20 billion on its Bitcoin investment as per the quarterly earnings report that was released on the 6th of May.

This is not to say that Square are abandoning their interest in Bitcoin. 

Ahuja explained in a follow-up tweet to the interview that the company’s “Bitcoin strategy” remained unchanged.

“Our Bitcoin strategy hasn’t changed. We’re deeply committed to this community, including working towards a greener future through our Bitcoin Clean Energy Initiative. And as we shared in February, we continue to assess our Bitcoin investment on an ongoing basis. Nothing new here,”

Ahuja said on Twitter.

On the energy consumption concerns, Amrita Ahuja said there is a need for “innovation” and Square wants to play a role in it.

“Our position has always been that this is an area that needs innovation in terms of renewables and clean energy, and we want to be a part of that. There’s a broader supply chain question around how renewables and clean energy become a greater part of the blockchain in general, and a greater part of the overall mining and transaction network,” 

“It’s the overall fixed footprint of the network that we need to address.”

Ahuja Continued

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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