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Square Records 1 Million First-Time Bitcoin Buyers in January

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Further, the Square CFO said that Bitcoin represents 5% of the company's entire cash. ??

The chief financial officer at Square Inc (NYSE: SQ) Amrita Ahuja, said that the company’s Cash App platform recorded 1 million new Bitcoin buyers in January 2021. The CFO revealed details of the surge in first-time Bitcoin buyers while speaking on CNBC’s Squawk Alley on the 24th of February.

Bitcoin has risen to new highs since December 2017 amid its increasing demand from investors. Bitcoin has been increasing over the past year, increasing 400%.

As stated in a CNBC report, Ahuja said that 3 million people performed Bitcoin transactions through Square’s payment platform Cash App in 2020. On January 1st, Bitcoin traded below $30,000, and it reached $40,000 on the 1st.

In February, Bitcoin reached a new all-time high of $58,000.

In the time of press, Bitcoin was trading for 49,141.83. The Square Cash App allows users to perform peer-to-peer transactions that let them buy and sell assets like Bitcoin and stocks. Most Square users now have access to buy and sell Bitcoin via Square's payment app Cash App. Before then, Square announced that it was testing its support for the digital currency. As a reaction to the announcement in November 2017, Bitcoin spiked 10% to reach a record high.

December 2017 saw a significant rise in Bitcoin. It reached record levels at that point. Yet it plunged significantly in the subsequent year, losing 80 percent of its value. As a result, institutional investors are considering Bitcoin as a hedge against inflation. As of the 24th of February, MicroStrategy said it owns 90,531 Bitcoins after an investment worth over $1 billion. ?? Something went wrong. Please try again later. The company owns 8,027 Bitcoins. Regarding square’s investment , Ahuja commented: “We feel that bitcoin aligns with our purpose, which is economic empowerment.

The goal of economic empowerment is to make financial tools more widely available, including for people who have never used them before. “We think that Bitcoin could facilitate that in the future.”

Square’s CFO further revealed that Bitcoin represented 5% of its cash.

A Square representative mentioned that the company has a long-term view on this loan. Square stock is trading at premarket of $238.10, a 0.33% increase over the previous close of $237.32.

Although it has grown over the past few months, SQ has declined more than 12% in the last five days. e next Bitcoin News, Cryptocurrency News, News Author Ibukun Ogundare Ibukun is a crypto/financial writer interested in sharing relevant information through plain words to reach a wide audience. Besides writing, she enjoys watching movies, cooking, and exploring restaurants in Lagos, where she resides. It can be argued that .

Commenting on Square’s investment, Ahuja added:

“We feel that bitcoin is aligned with our purpose, which is economic empowerment. Economic empowerment is about bringing access to financial tools more broadly, including to people who haven’t had it before. We think Bitcoin is a way that could enable that for the future.”

Further, the Square CFO said that Bitcoin represents 5% of the company's entire cash. ??

At the beginning of January, Bitcoin traded at less than $30,000. The 21st of February saw Bitcoin hit an all-time high of $58,000.

Bitcoin News, Cryptocurrency news, News
Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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 2/25/2021

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