Square CFO: 1 Million Cash App Users Purchased BTC for the First Time

Square, Inc.’s chief financial officer Amrita Ahuja said the company’s popular Cash App product recorded a record number of first-time bitcoin buyers in January. 

Speaking in an interview with CNBC on Wednesday, Ahuja revealed more than one million users purchased bitcoin for the first time last month using the Cash App. 

She said:

We had 3 million people transact in bitcoin through Cash App in 2020 and one million who were new to bitcoin in January.

The CFO’s comments came just a day after the payments firm announced a $170 million investment into bitcoin, in addition to the 4,709 BTC purchased last October. Square’s fourth-quarter earnings report revealed bitcoin represented roughly 5 percent of the company’s total cash holding as of the end of 2020. 

Ahuja continued, 

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.

Square’s CFO said the company was focused on its “long-term vision” and would re-evaluate the investment on a regular basis to respond to the market environment. 

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