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Square Doesn't Plan New Bitcoin Purchases, Says Carbon Footprint Has to Be Addressed


u.today 14 May 2021 14:25, UTC
Reading time: ~1 m

Amrita Ahuja, the chief investment officer of payment company Square, recently told Financial News that there were no plans to buy more Bitcoin:

We don’t have any plans at this point to make further purchases. There’s no plans at this point to re-evaluate where we are from a treasury standpoint.

Ahuja also claims that Bitcoin’s carbon footprint has to be addressed:  

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.”

Square reported a $20 million impairment loss on its Bitcoin investments in early May, but the value of Bitcoin it holds far exceeds its carrying cost.. 

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