Square CFO Says Company Has No Current Plans to Buy More Bitcoin

Square, a fintech and digital payments company, has declared earlier today it doesn’t have plans to purchase more bitcoin in the near future.

**Editor’s Note: On Saturday, May 15, 2021, this article’s headline has been updated to better reflect statements made by Square’s CFO Amrita Ahuja.

Square, one of the most popular fintech payment processors in the industry, has declared it doesn’t plan to buy more bitcoin in the foreseeable future.

Square, whose CEO is big Bitcoin proponent Jack Dorsey, bought $50 million worth of bitcoin last October, and doubled down on its bet this February, spending $170 million in Bitcoin this time.

Our position has always been that this is an area that needs innovation in terms of renewables and clean energy, and we want to be a part of that.

This fact has fueled a barrage of critics coming from environmental advocates, who argue there are better equivalents alternatives than Bitcoin.

This week, Tesla, the electric automobile company, announced they would stop accepting Bitcoin as payments due to environmental concerns.

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The cryptocurrency industry in South Korea keeps facing regulatory challenges, and it seems that dust is far from settling.

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