Crypto

Twitter: “Investing in bitcoin is pointless right now”

Twitter CFO Ned Segal said they will not invest the company’s money in bitcoin (BTC).

According to the executive, this “does not make sense at the moment”, because they should change their investment policy, and therefore opt for “the possession of more volatile assets”.

He also indicated that Twitter preferred to keep less volatile assets on its balance sheet. Currently, Twitter 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 hold cryptocurrencies on our balance sheet,” Ned Segal told The Wall Street Journal.

Ned Seagal’s stance on bitcoin contrasts with that of Twitter CEO Jack Dorsey, himself an avowed maximalist of the major cryptocurrency.

Recently, Jack 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.

The Twitter co-founder claimed that Bitcoin has the potential to create a new, more inclusive and comprehensive financial infrastructure tailored to communities underserved by the traditional financial system.

Twitter has integrated bitcoin into its platform

Although Twitter does not want bitcoin on its balance sheet, it does use cryptocurrencies in the operation of the social network. Since last September, bitcoins can be sent and received around the world thanks to an integration with the Strike application. This new mode is only available on Apple’s iOS operating system.

Additionally, Twitter announced this month that it has formed a new team of dedicated developers to explore the decentralized applications and cryptocurrency space.

The company said it is evaluating ways to integrate decentralized technologies into its products and infrastructure. Short-term plans would include payment systems for content creators to receive cryptocurrencies.

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