Bitcoin and Institutional Investor statement from Square's CFO

In an interview with Fortune, Square CFO Amrita Ahuja laid out the corporate case for Bitcoin adoption.

Michael Saylor, CEO of Microstrategy, claimed that cryptocurrency is part of the evolution of financial services globally.

Long-term Bitcoin Investment

Square and Saylor, led by Jack Dorsey, were among the first publicly traded companies in the U.S. to add BTC to their budgets. In the midst of an inflationary macroeconomic environment, adoption theses to protect the value of their companies are now on the agenda. Ahuja told Fortune:

Having Bitcoin on every balance sheet is definitely a must-have situation. Our investment in our balance sheet for Bitcoin represents about 5% of our cash and we plan to keep it long term.

Following the strategy proposed by MicroStrategy and Tesla CEO Elon Musk, the company's long-term plan is to pursue Bitcoin Investment, the executive said.

BTC acquisitions by Square, MicroStrategy, Tesla and others have created a domino effect that has pushed corporate participation to unprecedented levels. In Canada, 3 financial products were approved to provide investors with BTC risk, and as analyst Lex Moskovsky showed, their performance exceeded all expectations.

Bitcoin usage accelerates in Cash App

The Covid-19 outbreak has accelerated the adoption of digital payment methods and cryptocurrencies. To back up that claim, Square's CFO said that in January this year alone, 1 million new consumers used the Cash App to buy Bitcoin. In 2020, at least 3 million people used Square's product to trade with the cryptocurrency.

To support the adoption of Bitcoin, the administrator announced that it was removing transaction fees within the Cash App for cryptocurrency users. In parallel, the company will continue to give donations to Bitcoin developers to support the growth of the ecosystem and its protocol.