Jack Dorsey says bitcoin changes everything for the better, following reports that Square has no plans to buy more of the cryptocurrency

Jack Dorsey
Twitter and Square CEO, Jack Dorsey. Francois Mori/AP
  • Twitter and Square CEO Jack Dorsey has doubled down on his support for bitcoin.
  • His comments came after Square’s CFO said the company is working toward a greener future.
  • In total, Square holds 8,027 bitcoins, worth over $400 million at current prices.
  • See more stories on Insider’s business page.

Twitter and Square CEO Jack Dorsey has said bitcoin changes everything for the better and he will work “forever” to improve the cryptocurrency.

He made the comment on Twitter and followed up by saying that “no single person (or institution) will be able to change [the cryptocurrency], or stop it.”

Earlier in the week, a Financial News report quoted Square’s CFO, Amrita Ahuja, as saying the payments company had no plans to buy more bitcoin. It lost $20m on its $220m investment in the last quarter, the outlet said.

-jack (@jack) May 14, 2021

Ahuja later posted a message on Twitter, saying the company’s strategy with bitcoin hasn’t changed.

She said: “Our bitcoin strategy hasn’t changed. We’re deeply committed to this community, including working towards a greener future through our Bitcoin Clean Energy Initiative. And as we shared in February, we continue to assess our bitcoin investment on an ongoing basis. Nothing new here.”

In total, Square holds 8,027 bitcoins, worth over $400 million at current prices, as Insider reported.

The company has long been a proponent of cryptocurrencies, especially bitcoin, but believes they “need innovation in terms of renewables and clean energy,” as Ahuja told Financial News.

The drive for better innovation around bitcoin comes after increasing concerns about the negative environmental impact of cryptocurrency mining.

In a recent announcement, crypto enthusiast, Elon Musk, announced in a tweet, that his company Tesla has suspended vehicle purchases made using bitcoin. It followed concerns surrounding the increasing use of fossil fuels for bitcoin mining and transactions.

Musk’s U-turn on accepting bitcoin as payment due to energy concerns caused a stir in crypto circles. As Insider’s Harry Robertson reported, the decision could halt the adoption of bitcoin by companies, who are increasingly climate-conscious.