According to PANews, Block Inc.'s Chief Financial Officer and Chief Operating Officer, Amrita Ahuja, has stated that the company's investment in Bitcoin allows it to gain a deeper understanding of this potentially 'revolutionary' technology. The company views its investment in Bitcoin as a long-term strategy. Earlier this year, Block announced that it would use 10% of the gross profit generated by its Bitcoin products each month to purchase cryptocurrencies.
In an interview, Ahuja said, 'We are at the forefront of the future, where money can flow at the speed of the internet. Bitcoin, as the most powerful competitor in this vision, is favored by us for its resilience, battle-tested nature, and security.' She further pointed out that consumer groups suffering from high deposit and transfer fees may see a change due to the emergence of Bitcoin. Block has adopted a unique strategy of directly holding Bitcoin on its balance sheet. Ahuja stated that this practice helps the company to deeply understand Bitcoin technology, including the way Bitcoin is stored and how the financial team operates to purchase Bitcoin in the market.
Block's founder, Jack Dorsey, emphasized in a recent letter to shareholders that Bitcoin has the potential to 'create a fair competitive environment' for Block and global consumers. He revealed that the company is currently investing less than 3% of its resources in Bitcoin-related projects. As the parent company of Square, Cash App, and start-ups TBD and Spiral, Block's earnings before interest, taxes, depreciation, and amortization (Ebitda) in the first quarter nearly doubled compared to the same period last year.