Square Inc’s chief financial officer Amrita Ahuja believes that more companies should consider adding Bitcoin to their balance sheet.
In an interview with Fortune magazine, Ahuja says there’s always an argument for companies to include the leading crypto asset in their war chest.
“There’s absolutely a case for every balance sheet to have Bitcoin on it.”
Square has so far bought 8,027 Bitcoin. The investment cost the mobile payment solutions provider $220 million but the value of its crypto holdings has more than doubled to $471.3 million, according to BitcoinTreasuries. Ahuja says Square intends to keep Bitcoin on its balance sheet for the long haul.
“The investment that we made on our balance sheet for Bitcoin represents about 5% of our cash; we intend to hold for the long term here.”
The Square CFO adds that she believes cryptocurrencies have the potential to extend the capabilities of the traditional financial system.
“We see Bitcoin and cryptocurrencies as expanding access to financial services, especially when you think more globally.”
The Square CFO’s advice for every company to include Bitcoin in their corporate balance sheet comes just a few weeks after analysis firm Arcane Research observed that the movement initiated by Michael Saylor’s MicroStrategy has gone viral.
“More publicly listed companies are adding bitcoin to their balance sheets. The first wave, initiated by MicroStrategy started in the US, but now the trend shows signs of turning global as the trend has reached both Scandinavia and Hong Kong.”
In terms of the number of BTC held, Square ranks third among major companies that have Bitcoin on their balance sheets, just after MicroStrategy (91,326 BTC) and Tesla (48,000 BTC).
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