{"id":190473,"date":"2021-05-15T16:39:03","date_gmt":"2021-05-15T15:39:03","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=190473"},"modified":"2021-05-15T16:39:18","modified_gmt":"2021-05-15T15:39:18","slug":"jack-dorseys-square-has-no-plans-to-purchase-more-bitcoin-at-this-point","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/jack-dorseys-square-has-no-plans-to-purchase-more-bitcoin-at-this-point\/","title":{"rendered":"Jack Dorsey\u2019s Square has \u2018no plans\u2019 to purchase more Bitcoin \u2018at this point\u2019"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Digital payments company Square, led by Twitter CEO Jack Dorsey, decided to hit the brakes\u2014at least for the time being\u2014on Bitcoin (BTC) purchases after losing $20 million on its previous crypto investments, the firm\u2019s CFO Amrita Ahuja told <\/span><a href=\"https:\/\/www.fnlondon.com\/articles\/square-has-no-plans-to-buy-more-bitcoin-20210514\"><i><span style=\"font-weight: 400;\">Financial News<\/span><\/i><\/a> <span style=\"font-weight: 400;\">yesterday.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWe don\u2019t have any plans at this point to make further [Bitcoin] purchases. There are no plans at this point to re-evaluate where we are from a treasury standpoint,\u201d Ahuja told the outlet.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As <\/span><i><span style=\"font-weight: 400;\">CryptoSlate<\/span><\/i><span style=\"font-weight: 400;\"> reported, Square <\/span><a href=\"https:\/\/cryptoslate.com\/square-allocates-one-percent-of-its-total-assets-to-bitcoin\/\"><span style=\"font-weight: 400;\">invested $50 million<\/span><\/a><span style=\"font-weight: 400;\"> in Bitcoin last October and another $170 million in February. These purchases arguably helped pave the way for other institutional companies to invest in crypto. Giants such as MicroStrategy and Tesla, for example, have purchased a few billions of dollars worth of Bitcoin over the past few months.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, Square revealed that it lost $20 billion on its Bitcoin investments over the course of Q1 2021 in its quarterly <\/span><a href=\"https:\/\/www.cnbc.com\/2021\/05\/06\/square-sq-earnings-q1-2021.html\"><span style=\"font-weight: 400;\">earnings report<\/span><\/a><span style=\"font-weight: 400;\"> published on May 6.<\/span><\/p>\n<h2>Never said never<\/h2>\n<p><span style=\"font-weight: 400;\">Meanwhile, Ahuja\u2019s statement doesn\u2019t mean that Square suddenly vowed to \u201c<\/span><a href=\"https:\/\/cryptoslate.com\/barstool-sports-president-dave-portnoy-buys-bitcoin-again\/\"><span style=\"font-weight: 400;\">never, never-never buy Bitcoin again<\/span><\/a><span style=\"font-weight: 400;\">,\u201d as she reiterated shortly after the publication went live.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cOur Bitcoin strategy hasn\u2019t changed. We\u2019re deeply committed to this community, including working towards a greener future through our Bitcoin Clean Energy Initiative. And as we shared in February, we continue to assess our Bitcoin investment on an ongoing basis. Nothing new here,\u201d Ahuja <\/span><a href=\"https:\/\/twitter.com\/AmritaAhuja\/status\/1393309146175270913\"><span style=\"font-weight: 400;\">tweeted<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Notably, her additional clarification doesn\u2019t really contradict the initial interview since Ahuja similarly explained there that Square will continue to \u201cmake further assessments\u201d on the Bitcoin front.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWe\u2019re always evaluating and as ever, I think we\u2019d be customer-led. As we see the evolution of the Bitcoin product or crypto products in general, I think we\u2019ll make further assessments at that point,\u201d she told <\/span><i><span style=\"font-weight: 400;\">Financial News<\/span><\/i><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2>Growing ecological concerns<\/h2>\n<p><span style=\"font-weight: 400;\">Ahuja also noted that Square is very well aware of the growing concerns about the potential impact Bitcoin mining could have on the environment. The company itself has recently published a joint research paper with Ark Invest, arguing that Bitcoin mining might actually become instrumental in creating a \u201c<\/span><a href=\"https:\/\/cryptoslate.com\/square-bitcoin-mining-is-key-to-clean-energy-future\/\"><span style=\"font-weight: 400;\">clean energy future<\/span><\/a><span style=\"font-weight: 400;\">.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cOur 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. There\u2019s 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,\u201d Ahuja noted, adding, \u201cIt\u2019s the overall fixed footprint of the network that we need to address.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Similar sentiments have also been voiced by Elon Musk earlier this week as he <\/span><a href=\"https:\/\/twitter.com\/elonmusk\/status\/1392602041025843203\"><span style=\"font-weight: 400;\">announced<\/span><\/a><span style=\"font-weight: 400;\"> that Tesla will suspend Bitcoin payments for its electric cars due to environmental concerns.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Digital payments company Square, led by Twitter CEO Jack Dorsey, decided to hit the brakes\u2014at least for the time being\u2014on Bitcoin (BTC) purchases after losing $20 million on its previous crypto investments, the firm\u2019s CFO Amrita Ahuja told Financial News yesterday. \u201cWe don\u2019t have any plans at this point to make further [Bitcoin] purchases. There [&hellip;]<\/p>\n","protected":false},"author":472,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,35372,29],"tags":[60786],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Jack Dorsey\u2019s Square has \u2018no plans\u2019 to purchase more Bitcoin \u2018at this point\u2019<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/jack-dorseys-square-has-no-plans-to-purchase-more-bitcoin-at-this-point\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jack Dorsey\u2019s Square has \u2018no plans\u2019 to purchase more Bitcoin \u2018at this point\u2019\" \/>\n<meta property=\"og:description\" content=\"Digital payments company Square, led by Twitter CEO Jack Dorsey, decided to hit the brakes\u2014at least for the time being\u2014on Bitcoin (BTC) purchases after losing $20 million on its previous crypto investments, the firm\u2019s CFO Amrita Ahuja told Financial News yesterday. \u201cWe don\u2019t have any plans at this point to make further [Bitcoin] purchases. There [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/jack-dorseys-square-has-no-plans-to-purchase-more-bitcoin-at-this-point\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-15T15:39:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T15:39:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/05\/jack-dorsey-bitcoin.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Liam Frost\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Liam Frost\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/jack-dorseys-square-has-no-plans-to-purchase-more-bitcoin-at-this-point\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/jack-dorseys-square-has-no-plans-to-purchase-more-bitcoin-at-this-point\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/#person\",\"name\":\"Liam Frost\",\"url\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/liam-frost\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/03\/author-liam-frost-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/03\/author-liam-frost-300x300.jpg\",\"caption\":\"Liam Frost\"},\"jobTitle\":\"Reporter\",\"description\":\"Liam Frost is a freelance journalist and editor with over 15 years of experience working for various media outlets across the world. 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