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Saturday, October 23, 2021

Jack Dorsey’s Square platform to refrain from buying anymore Bitcoin [BTC]

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The founder of Twitter, Jack Dorsey has time and again revealed his interest in crypto, particularly Bitcoin. Dorsey was so fond of BTC that he even went on to mention the asset on his Twitter bio. However, now, Dorsey’s payments platform, Square has revealed that the company would no longer purchase any additional Bitcoin than it already has.

Speaking at a recent interview, Amrita Ahuja, the chief financial officer of Square addressed the platform’s interest in Bitcoin and its future plans with regard to the king coin. While the Twitter CEO Jack Dorsey-led platform has already about $200 million worth of Bitcoin, its financial officer noted that this would be it.

Jack Dorsey’s Square will not add on to its $200 million worth of BTC

Jack Dorsey’s Square platform went on to buy several Bitcoins throughout 2020 and this year. While this amounted to a total of $200 million, the platform announced that for now it was done making investments. Ahuja said,

“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.”

Bitcoin [BTC] witnessed a steep fall over the last couple of days. As the community continues to send out angry tweets at Elon Musk, the price of BTC was back below $50K. At the time of writing, Bitcoin was trading for $48,717 with a 2% drop in the last 24-hours. Despite this, Ahuja noted that there were several “opportunities” for the platform to “learn with Bitcoin.”

Albeit this, Ahuja did not entirely shoot down the potential purchase of the king coin. She added,

“We’re always evaluating and as ever, I think we’d be customer-led. [..] As we see the evolution of the bitcoin product or crypto products in general, I think we’ll make further assessments at that point.”

Additionally, the market cap of BTC was seen crumbling down below $900 billion. This further impacted the overall market cap which was noted at $2.28 trillion.

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