By Hassan Mehmood (Saudi Arabia)
At one end, Bitcoin has sceptics like Ray Dalio, and on the other side, there are dynamic evangelists like Amrita Ahuja who are marching among the crypto choirs chanting glad tidings ballads. A few days ago, Square Inc. CEO Jack Dorsey becomes the centre of media attention when he put up his first tweet for sale as an NFT. Dorsey also takes his company to the path of becoming one of the first US-based enterprises that have added BTC to their balance sheets. At the moment, the company BTC reserves are around 8,000 Bitcoin.
The CFO of the Square, Amrita Ahuja, is also very excited about the company’s transitions toward the flagship digital asset. In a recent interview with fortune, she issued a statement endorsing the growth possibilities that come with the crypto transition on a balance sheet. Ahuja joined Square Inc. in January 2019 after reaching the end of her tenure at Blizzard Entertainment. It should be noted that the investment giant Fidelity has also filed for a BTC-pegged ETF with the SEC recently.
Institutional Investors Acting as Advocates for BTC Prevalence
Ahuja is not the only top brass executive who has stated that Bitcoin should be a part of every commercial enterprise under the current economic context. MicroStrategy CEO Michael Saylor has already appeared on several media outlets and endorsed BTC on multiple occasions. Saylor has been inviting major stakeholders like Apple to invest in the flagship currency for a long time. Meanwhile, Tesla CFO Zach Kirkhorn is also enlisted as one of the most vocal acolytes for BTC.
Also read:Just like many other millennials, Amrita also seems to be on board with the crypto transition of business reserves. She told the media outlet that Square has directly staked 5% of its standing capital into the flagship currency. She presented the Cashapp Data statistics in support of her bold claims. These statistics indicate the addition of 3 million users on the Square fiat-crypto exchange platform in the year 2020.
Is Bitcoin Investment Taking over the Traditional Financial Practices?
Such a massive influx of major institutional investors in Bitcoin has started a trickle-down effect among the biggest and most prominent financial movers and shakers. Companies like VISA, MasterCard, and PayPal are incentivizing the BTC application developers to create coherent Bitcoin infrastructure to increase the flow of traffic on their products.
Meanwhile, positive cognizance from veteran investors like Lex Moskovski has managed to invite blue chips to flock around Bitcoin derivatives like ETFs, loan collaterals, and futures, etc. In a recent tweet, the electric car vehicle manufacturing company CEO, Elon Musk, announced the intention to retain their funds in BTC for the time being.
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