The chief financial officer (CFO) of payments giant Square, Amrita Ahuja, believes more companies need to get on board with cryptocurrency.
"There's absolutely a case for every balance sheet to have bitcoin on it," said Ahuja in relation to user adoption and an emerging trend by large firms to pick up the nascent asset class.
Square is the company behind the peer-to-peer payments platform Cash App, which allows users to purchase cryptocurrency and store them in a digital wallet. The company has made multiple bitcoin purchases over the last six months - a move that has continued to pay off, according to earnings estimates.
“The investment that we made on our balance sheet for bitcoin represents about 5% of our cash," said Ahuja. "We intend to hold for the long term here." The CFO also said Square would assess its strategy on an ongoing basis based on how "the bitcoin ecosystem evolves," according to the report.
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