Square Has No Future Plans to Buy Bitcoin as Company Looses $20 Million on Bitcoin Investment in Q1

American financial services company Square has relaxed plans to buy Bitcoin after the company lost $20 million from its BTC investment. Square said it lost $220 million in BTC during the first quarter of 2021. 

Bitcoin recorded a significant decline in reaction to Elon Musk’s criticizing comment on the king coin. Musk expressed his concern about Bitcoin using fossil fuels for mining and transactions, which could be harmful to the environment. As a result, the Tesla CEO said that the EV company would for its products. 

Speaking to the Financial News in an interview, Square chief financial officer Amrita Ahuja said:

Leave a Reply

Your email address will not be published.