Investing in Bitcoin Makes No Sense Right Now, Says Twitter CFO
Main page Opinion, Bitcoin, Twitter, business, Crypto Market

Twitter will not rush with adding cryptocurrencies like bitcoin (EXANTE: Bitcoin) to the balance sheet. The company's Chief Financial Officer, Ned Segal, told The Wall Street Journal investing in bitcoin "does not make sense right now."

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Segal explained that adding such a volatile asset would make the company to change its investment policy. Currently, Twitter prefers to hodl less volatile assets such as securities, he added.

"There is a different set of decisions we would have to make if we were to own cryptocurrencies on our balance sheet," Segal said.

Twitter may be still cautious about cryptocurrencies, but Square, a payments company also run by Jack Dorsey, is all in bitcoin. In February this year, the company purchased 3,318 BTC for a total of $170 million prior to its previous purchase of 4,709 BTC for $50 million in October last year.

Twitter Launches New Team Focused on Crypto: Report

This August, Square's application Cash App reported it had generated $2.72 billion of bitcoin revenue and $55 million of bitcoin gross profit during the second quarter of 2021. In particular, both figures are 3x higher than those recorded last year, however, quarterly bitcoin revenue did decline due "primarily to relative stability in the price of bitcoin, which affected trading activity compared to prior quarters."

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