Mobile payment company Square CEO: "Bitcoin (BTC) investment policy remains unchanged"

Square is a public company that uses Bitcoin as a financial asset and currently holds about 8,000 BTC. The first purchase was in October 2020, and the other purchase was in February of this year.

This time, the company's CEO Jack Dorsey and CFO Amrita Ahuja (Chief Financial Officer) posted these contents on SNS. Financial media "Financial News" reported on the 14th that "Square currently has no plans to purchase additional Bitcoins. In addition to buying Bitcoin, there are other ways to learn about Bitcoin."

“Square’s Bitcoin strategy has not changed and we are committed to the community, including promoting Bitcoin’s clean energy initiatives.” “As we announced in February, we will continue to invest in Bitcoin.”

“Bitcoin is making everything better, and we’re going to make it better,” Dorsey said.

Behind the debate over whether Square’s Bitcoin investment policy has changed is Tesla’s recent suspension of Bitcoin payments.

CEO Elon Musk said on the 13th: "Tesla has announced that it will stop Bitcoin payments." The reason is that the use of fossil fuels such as coal, which is growing rapidly in Bitcoin mining and transactions, will increase more than it is now.

Meanwhile, in the industry, Tesla has no plans to sell the Bitcoin it earns from car sales, but the industry is influenced by Tesla, and companies that have already invested in Bitcoin may follow suit.

Immediately afterwards, MicroStrategy, which owns the most Bitcoin, announced that it had purchased 271 BTC for $15 million in cash, and the company's CEO Sailor used the energy of Bitcoin mining to purchase, reaffirming his support for Bitcoin, such as explaining Bitcoin and network effects.

Square was the first to comment on Bitcoin after Tesla’s announcement, but in April this year, CEO Dorsey said: “Bitcoin provides the power to use renewable energy.” On the other hand, at the time, CEO Musk replied: “Yes.”, so it is possible that in the future the energy consumption and holding value of Bitcoin and virtual currencies will be discussed in other industries.