Twitter CFO says buying crypto doesn’t make sense right now, citing the volatility of the same. This is quite a sharp turn from the ideology that the CEO of the company Jack Dorsey has been propagating. Just a few days back, we saw that Twitter is linking user profile pictures to NFTs. They have also enabled tipping through the cash app linking that one can directly add that to their profiles. So, this statement from the CFO is a little out of the path.
Even though Jack Dorsey is the CEO of Twitter, he cannot go out single-handedly purchasing Bitcoin for the company. The statement made by the CFO is simple, and it just covers the fact that Twitter doesn’t want volatility in its balance sheet. They would rather hold securities than crypto just because it moves too much. And this is a choice and a decision one can understand. It’s not that the CFO of Twitter told that crypto is a scam or doesn’t have a future, but a common thing that everyone can agree on is volatility.
Other companies hold crypto
While Twitter doesn’t hold crypto at the moment, another company, Square, led by Jack Dorsey, holds crypto in its balance sheet. So, this decision cannot be just of the CEO but the company as a whole. Therefore, it is cool that Twitter isn’t still ready to add Bitcoin to its balance sheet. One needs to understand that at this point, only a handful of large companies are holding Bitcoin. We have Tesla, Microstrategy, and Square. Other than them, there could be smaller companies, but it isn’t much.
There is a long way to go before we start to see more mainstream companies like Twitter, Facebook, Apple, Amazon, Microsoft, or even Netflix add BTC to their treasury. Twitter is at least innovating in the space, adding crypto-related features to their platform and making the platform more futuristic day in and out. Jack Dorsey could even make the platform more decentralized as time passes and technology evolves.
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