Twitter CFO Ned Segal talked about the company’s possible investment in crypto assets. Segal said it doesn’t make sense to invest in crypto assets right now.
Ned Segal spoke to the Wall Street Journal about cryptoassets. The CFO touched on the volatility factor in relation to the company’s reluctance to invest in crypto assets. Segal said that Twitter will have to change its investment policy to keep more volatile assets on its balance sheet, and highlighted that the company prefers to hold less volatile assets such as securities.
On the other hand, Square, the fintech company founded by Twitter CEO Jack Dorsey, has crypto assets on its balance sheet. Dorsey is a big Bitcoin supporter and has recently launched a series of innovations that will allow users to interact more with crypto assets. The social media giant continues to work on a number of features such as sending tips to users with Bitcoin and using the NFT features that have left their mark on recent times.
The expectation of decline in the short-term technical outlook in Bitcoin accelerated with these statements of the CFO. Bitcoin has dropped by about 7% in the last 24 hours to $60,300. The asset is trading at $60,700 at the time of publication.
