This year was exceedingly bullish for Bitcoin following the buying spree from institutional investors which drove the prices higher. Jack Dorsey’s Square Inc. was also not left behind in the institutions cravings for crypto investments. In a recent interview, Square CFO, Amrita Ahuja remarked that every there is a place for Bitcoin on every balance sheet.
The Square CFO said that Bitcoin is a long term investment plan for the company. In the interview with Fortune, she said that every balance sheet should hold Bitcoin. This is not surprising because we’ve heard some popular CFOs like herself say the same.
Square CFO Says the Plans is to Hold BTC Long term
Amid the investment spree by institutions, many other traditional companies like JP Morgan, BNY Mellon also bought into Bitcoin. BNY Mellon recently invested in a crypto startup, Fireblocks. According to a recent valuation by the bank, BTC will be worth $100,000 if it should replace 5% of the world’s currency.
Maybe this is what the Square CFO, Amrita, was driving at when she commented that every institution should hold Bitcoin. Last year, Square purchased about $50 million worth of Bitcoin and has added an extra $170 million worth of BTC in 2021.
Amrita revealed that Cash App, Square’s P2P payment service product, recorded about 1 million new users in January alone. She continued that Square plans is to hold BTC long term and also to continue pushing cryptocurrency to the mainstream for wider adoption.