All balance sheets should have Bitcoin, says Square CFO
Institutional investment is the cryptocurrency market increasingly becoming popular as more companies are now investing in Bitcoin and a host of other digital currencies. However, Square's CFO believes that all balance sheets should have Bitcoin as it has become an essential asset in the global economy.
Companies need to be on board with cryptocurrencies
Square's chief financial officer (CFO), Amrita Ahuja, believes that more companies need to be on board with Bitcoin and other cryptocurrencies. She stated this in an interview with Fortune Magazine's new CFO newsletter yesterday.According to the CFO, Square sees BTC and cryptocurrency in general as expanding access to financial services on a global scale. We see Bitcoin and cryptocurrencies as expanding access to financial services, especially when you think more globally," she said.
In October last year, the payment company invested $50 million in Bitcoin, and this was followed by another $170 million investment last month. Bitcoin's dominant performance and expected market expansion is the reason why companies need to enter the cryptocurrency space. Ahuja stated that "There's absolutely a case for every balance sheet to have Bitcoin on it."
Square recording success with its Cash App
The CFO pointed out that Square began its entry into the cryptocurrency space in 2018 when it launched Cash App. It is a peer-to-peer (P2P) payments platform where users can buy Bitcoin that is stored in a digital wallet.The CFO added that Square had recorded massive success in the cryptocurrency space so far. "Last year, we had 3 million customers buying and selling Bitcoin on our platform; and in January, we had 1 million new customers to Bitcoin, alone," Ahuja said.
The company doesn't intend to stop there are they intend to continue to support the broader adoption and awareness of Bitcoin and the cryptocurrency market. Ahuja announced that Cash App users would no longer be charged transaction fees to send or receive BTC.
Despite the success recorded, Ahuja added that Square would continuously evaluate its strategy based on how the Bitcoin ecosystem evolves. "The investment that we made on our balance sheet for Bitcoin represents about 5% of our cash; we intend to hold for the long term here," she concluded.
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