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Twitter CFO Says Buying Crypto Assets ‘Doesn’t Make Sense Right Now’: Report
Ned Segal cited volatility as to why the company doesn’t want to invest in crypto.
Updated May 11, 2023, 6:02 p.m. Published Nov 16, 2021, 4:59 p.m.
Investing in cryptocurrencies “doesn’t make sense right now,” Twitter CFO Ned Segal said, according to the Wall Street Journal.
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- Twitter would have to change its investment policy to hold more-volatile assets on its balance sheet, Segal said. The company prefers to hold less-volatile assets such as securities, he added.
- Fintech firm Square, which is also headed and co-founded by Twitter CEO Jack Dorsey, Elon Musk’s Tesla and software firm MicroStrategy hold crypto on their balance sheets.
- Dorsey is a supporter of decentralized technology, including bitcoin and other cryptocurrencies.
- Twitter wants to let users connect their accounts to third-party services that allow them to send tips in bitcoin and bring authentication for non-fungible tokens on its platform. Twitter has also started a crypto team.
Read more: Twitter to Add Bitcoin Lightning Tips, NFT Authentication
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