Square abandons plans to invest further in Bitcoin
Square does not plan to invest further in the first cryptocurrency, said the company’s chief financial officer Amrita Ahudja in an interview Financial News.
Ahudja, in a comment to Decrypt, denied the information. According to her, the company does not plan to change its investment strategy, of which Bitcoin will remain a part.
In October 2020, Square bought 4709 BTC for $50 million. In February 2021, the firm allocated $170 million to acquire 3318 BTC.
In quarterly report, the payments company reported a loss of $20 million due to the drop in the price of digital gold to $45,000.
\”At the moment we have no plans to make any further purchases,\” said Ahudja.
Tesla said it would suspend sales of electric cars for Bitcoin due to concerns about the environmental friendliness of mining the cryptocurrency. After the publication, the price of the first cryptocurrency fell to $45,700 — the lowest level since February.
In May 2021, Square said that bitcoin sales through the Cash App brought in $3.51 billion versus $1.76 billion in Q4 2020.
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