Square, which is a company involved in the business of digital assets, has said that it will not be investing any further into Bitcoin for the time being. Square has impliedly explained that because of carbon pollution generated from Bitcoin mining, therefore, it is of the view that the issue of pollution should be taken care of immediately.
Bitcoin, though the leading digital coin in terms of its market capitalization as well as its value, yet is currently under immense pressure. This time the pressure is coming from those who were regarded as its major ambassadors such as Tesla Inc. and Square.
Two days ago, Tesla Inc. through its CEO, Elon Musk, told publicly that they would not be accepting Bitcoins as the car purchase payment. Tesla was in fact forced by the public to make the hardest decision ever. Being an environmentally friendly company itself, people criticized Tesla for promoting Bitcoin. The critics were of the considered opinion that Bitcoin is developed by burning coal and by sacrificing environmental good. Therefore, Tesla should not be supporting the coin.
Today, Square too has informed that it would not be investing further sums into Bitcoin. It said that until and unless the issue of environmental pollution is not resolved, it will not be supporting the leading digital coin.
Amrita Ahuja, Square’s CFO, made a statement in which she said that Square has currently no plans of putting further funds into Bitcoin. However, she did not make mention of what was the reason for the shift. Nor she had discussed the environmental issue regarding Bitcoin mining. Instead, she suggested that the company has not revaluated its balance sheet yet, which is apparently already in deficit. So for the time being they cannot utilize funds towards any crypto investment, especially Bitcoin, said, Ahuja.
In the local media, it is rumored that the non-support of Bitcoin is part of a broader agenda. It may be because of the ongoing cold war between the two economic giants and superpowers i.e. China and the US. Because the majority of Bitcoin mining is done on the lands of China, therefore, the US Administration is not pleased. This is why such actions have been taken to jeopardize China’s economy.
