Key Takeaways:
- Square CFO, Amrita Ahuja, thinks bitcoin may be the Internet’s native currency
- “It’s the most secure and resilient,” Ms. Ahuja said as she made her case for bitcoin
Square CFO: Bitcoin Could Be Internet’s Native Currency
Square chief financial officer, Amrita Ahuja, believes bitcoin could very well become the native currency of the Internet. Presenting a number of arguments to make her case for bitcoin, she gave an interview for the Wall Street Journal on Thursday.
“We ultimately believe that there’s a high probability that the internet will have a native currency,” Ms. Ahuja said. She also added that “bitcoin is the strongest contender to be that native currency. It’s the most secure and resilient.”
Moreover, Square has been one of first companies to buy bitcoin and hold it on their balance sheets. On that note, Ms. Ahuja has previously said this move should be replicated by more companies.
Also, she added, “we believe it’s principled because it’s decentralized, transparent and has a consensus-based development model.” “Bitcoin can provide financial access to those who have historically been marginalized,” she highlighted. The Square CFO then proceeded to give an example with El Salvador, the small Central American country, which adopted bitcoin.
Square’s Cash App Sees Millions of New Bitcoin Users
Ms. Ahuja made sure to comment on the effect bitcoin has had over her company. “We had three million people buying or selling bitcoin through Cash App in 2020,” she said.
“In January alone, we had one million people who are new to bitcoin. We think it’s growing in adoption and popularity and understanding and education. And we want to be a part of that ecosystem, learning and growing with it.”
In conclusion, Amrita Ahuja mentioned that even though it would be challenging to regulate bitcoin, she expected cryptos to continue growing.
That said, the Square CFO said she believes the outlook for cryptocurrencies remains bright. Ms. Ahuja noted crypto markets will continue to provide attractive financial benefits for those who step in and buy cryptocurrencies.