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Twitter CFO: Bitcoin (BTC) is too volatile for large-scale investments

Tue 16 Nov 2021 ▪ 21h48 ▪ 2 min read — by Susan McCormack

In 2021, a number of big-name companies decided to explore the brand-new crypto world. Twitter, one of the world’s most famous social networks, was no exception.

Tasting crypto 

Back in March, Twitter CEO Jack Dorsey minted his first tweet as a non-fungible token (NFT). The tweet was later sold for £2.2 million. Dorsey enjoys digital assets, so the social network continues to hold new crypto-related promotions.

Today Dorsey is an ardent Bitcoin supporter. He treats other cryptos much cooler, though.

Ned Segal on Twitter and crypto

Not all Twitter employees share Dorsey’s enthusiasm, as evidenced by the recent statement made by Ned Segal, the company’s CFO. Segal believes that now, when the digital asset market is too volatile and has no clearly defined accounting rules, is not the best time to invest in crypto.

Segal claims that in order for Twitter to be able to invest in cryptocurrencies, its investment policy will have to be altered. To date, the social network giant can invest exclusively in securities and other stable assets.

Dorsey vs. Segal

Judging by the CEO’s actions aimed at integrating Twitter with cryptocurrencies, Jack Dorsey seems to ignore Segal’s advice.

Sure that Bitcoin will bring drastic changes to the existing financial and other systems, Dorsey seeks to use decentralised technologies.

Last week Twitter announced they were building a blockchain team to study “ways to incorporate decentralised technologies into our products and infrastructure.”

The team leader is Tess Rinearson, a Berlin-based crypto engineer. 

Jack Dorsey appears to be confident in his stratagem. It is quite possible that soon we will bring the news about Twitter announcing its new, larger-scale, crypto-based promotions.

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Susan McCormack avatar
Susan McCormack

How many crypto nerds does it take to fork an altcoin? I may be a failed comedian, but crypto is no joke! I want to share my knowledge and help others to see the bright future ahead. #buybitcoin

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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