Amrita Ahuja From Square Reveals Payment Company Doesn’t Plan More Bitcoin Purchases

Sahaj  |  May 15, 2021

The Chief Investment Officer of the payment company Square, Amrita Ahuja, has recently revealed that there were no plans to purchase more Bitcoin. As reported by the company, a $20 million impairment loss on Bitcoin investments in early May was recorded, but the fair value of its holdings surpasses their exceeding costs.

Amrita Ahuja Reveals Square is not Planning to buy more Bitcoin

Amrita Ahuja released a statement regarding the same, that read:

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

The company led by Jack Dorsey put $50 million into the leading cryptocurrency back in the month of October following an announcement of purchase worth $170 million in the month of February.

The Cash App of Square made a killing with the Bitcoin sales that managed to generate over $3.5 billion in revenue in the very first quarter of this year.

At present, Bitcoin accounts for around 5% of the balance sheet of the payment company. It has been revealed that the company will be further assessing the makeup of its treasury in the future based on the evolution of the cryptocurrency.

In contrast to the firm, MicroStrategy, a business intelligence company disclosed yet another $15 million Bitcoin purchase on Thursday.

Bitcoin’s Carbon Footprint to be Addressed 

As claimed by the Chief Investment Officer of the payments firm, the carbon footprint of Bitcoin needs to be addressed and along with that, she urged for the wider adoption of green energy.

She said:

“There's a broader supply chain question around how renewables and clean energy become a greater part of 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.”

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