According to a report out of London’s Financial News, Square isn’t planning to add any more Bitcoin to its balance sheet anytime soon.
Financial News asked Square’s chief financial officer Amrita Ahuja whether they planned to buy more Bitcoin.
“We don’t have any plans at this point to make further purchases,” she told Financial News. “There’s no plans at this point to re-evaluate where we are from a treasury standpoint.”
Interestingly, she echoed some environmental concerns raised by Elon Musk this week as he walked back Tesla’s decision to use Bitcoin for purchasing Tesla vehicles.
“Our position has always been that this is an area that needs innovation in terms of renewables and clean energy, and we want to be a part of that,” Ahuja told FN. “There’s a broader supply chain question around how renewables and clean energy become a greater part of the blockchain in general, and a greater part of the overall mining and transaction network…It’s the overall fixed footprint of the network that we need to address.”
While Tesla stopped accepting Bitcoin for Teslas, and Square isn’t planning to purchase any more of the cryptocurrency, both firms remain committed to hold their substantial allocations for the long run. Elon said Tesla would “not sell” any Bitcoin, which arguably gives reason to question the move as a whole.