Saturday, December 4

‘Investing in bitcoin is pointless right now’: Twitter CFO

Key facts:
  • CFO Segal said they prefer less volatile assets.

  • Twitter has integrated bitcoin into various functions of the social network.

Twitter’s CFO Ned Segal assured that they will not invest the company’s cash in bitcoin (BTC).

According to the executive, doing that “does not make sense at the moment”, since they would have to change their investment policy, and thus choose to “own assets that are more volatile.”

He also indicated that Twitter prefers to keep less volatile assets in its balance. Currently, has assets such as cash, trade receivables, and short-term investments.

“There is a different set of decisions that we would have to make if we were to have cryptocurrencies on our balance sheet,” said Segal al periódico The Wall Street Journal.

Seagal’s position towards bitcoin contrasts with that of Twitter CEO Jack Dorsey himself, a recognized maximalist of the leading cryptocurrency.

Recently, Dorsey revealed that he is experimenting with digital mining. Specifically, you are mining with Compass Mining, a service that hosts, supplies, and operates cryptocurrency mining equipment for individuals.

Caption: Jack Dorsey, co-founder of Twitter wants to make bitcoin accessible to all. Source: YouTube

The co-founder of Twitter has claimed that bitcoin has the potential to create a new financial infrastructure, more inclusive and comprehensive, suitable for communities neglected by the traditional financial system, as reported by CriptoNoticias.

Twitter has integrated bitcoin to its platform

Although Twitter does not want bitcoin on its balance sheet, if you use cryptocurrency in the operation of the social network.

Since last September, CriptoNoticias reported that bitcoins can be sent and received around the world through an integration with the Strike application. The new mode is only available on Apple’s iOS operating system.

Additionally, Twitter announced this month the formation of a new team of specialized developers to explore the space of decentralized applications and cryptocurrencies.

The company said they are evaluating ways to incorporate decentralized technologies into their products and infrastructure. Among the short-term projects would be payment systems that allow content creators to receive cryptocurrencies.

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