In an interview, Square CFO Amrita Ahuja talks about Bitcoin adoption. Their adoption hypothesis to protect the value of their companies amid an inflationary macroeconomic environment. The executive stated that the company’s long-term agenda is to maintain its investment in Bitcoin, following the strategy proposed by MicroStrategy and Tesla CEO Elon Musk.
CFO Amrita Ahuja Clarifies why Bitcoin Adoption is Important
Michael Saylor, CEO of Microstrategy, asserted to Ahuja that cryptocurrency is a part of an evolution of financial services globally.
Square, led by Jack Dorsey, and the Saylor-led company MicroStrategy were among the first publicly traded companies in the U.S. to add BTC to their treasuries.
Ahuja told Fortune:
“There’s absolutely a case for every balance sheet to have Bitcoin on it. 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.”
The company also revealed the details for accepting BTC to purchase its products. Musk also declared that they would keep the funds in BTC on Twitter. Musk stated that they would keep the funds in BTC.
Bitcoin purchase by Square, Tesla, MicroStrategy, and others set off a domino effect that has propelled institutional participation to unprecedented levels. In Canada, 3 financial products were approved to provide investors Bitcoin exposure, as analyst Lex Moskovski determines that their execution has exceeded any expectations.
Square Leading the way for Cryptocurrency Adoption
In support of the adoption of digital payment methods and cryptocurrencies, 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 will use Square’s product to trade with the cryptocurrency.”
The executive also revealed that to support the adoption of Bitcoin further, they have abolished the transaction fees within the Cash App for users of the cryptocurrency. In parallel, the company will continue to hand out grants to Bitcoin developers to support the ecosystem’s growth and protocol.
The Square’s Crypto department on Twitter announced that its scholarship recipients will be able to choose how they want to receive their funds. The recipients can choose between fiat and Bitcoin.