Everyone in Square also believes in the future of the cryptocurrencies.
Square is one of the companies that are involved in Bitcoin. Jack Dorsey’s firm added the digital asset to its balance sheet last summer and has a leading position among the businesses which own Bitcoin.
During an interview for Fortune, the CFO of the company said that Bitcoin should be a part of every major company’s financial assets. “There’s absolutely a case for every balance sheet to have Bitcoin on it” – said Amrita Ahuja. She also added that Square’s strategy is to support the adoption of the cryptocurrency.
“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,” said the CFO. This is around $220M.
The crypto adaptation started last summer when MicroStrategy became the first company which added Bitcoin to its balance sheet. It’s example was followed by Square. In February Tesla bought BTC for $1.5B. The growth of the price expanded the assets of the companies. Some analysts estimated that, within a month, Tesla made more profit from its Bitcoin buy than from its total 2020 car sales.
Jack Dorsey is “in the game” twice. Square bought Bitcoin and his payment company Cash App allowed its client to buy and sell BTC in 2018. Now Cash App 4M customers in total.