Block\'s (SQ) Bitcoin (BTC-USD) Strategy Reflects a Vision for Future Gains, CFO Amrita Ahuja Says

The Square and Cash App parent has maintained a longstanding engagement with bitcoin (BTC-USD), the world's largest cryptocurrency.

Block's (NYSE:SQ) commitment to bitcoin (BTC-USD) reflects a strategic vision for future gains, Chief Financial Officer and Chief Operating Officer Amrita Ahuja said in an interview on Thursday.

The Square and Cash App parent has maintained a longstanding engagement with bitcoin (BTC-USD), the world's largest cryptocurrency. Earlier this year, Block (SQ) said it will invest 10% of its gross profit from bitcoin products every month into purchasing the underlying token.

"We have a stake in the future, where money can move at the speed of the internet," Ahuja said of Block's (SQ) investment in bitcoin (BTC-USD), as quoted by Bloomberg.

"We think that Bitcoin is the likeliest contender to enable that vision, because it is resilient, it's been battle-tested, it's secure," she said.

Block's (SQ) finance chief added that bitcoin (BTC-USD) has the potential to change a reality in which many under-served consumers frequently incur the highest fees to access and transfer funds.

Like some other bitcoin-focused firms, Block (SQ) holds the coin on its own balance sheet, which Ahuja said "helps us understand what it means to custody Bitcoin," Bloomberg reported.

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