Ned Segal, Twitter’s CFO, said Wall Street Magazine that at the moment there is no point in buying cryptocurrency. The speech takes place simultaneously with the launch of the team of the social network dedicated to cryptocurrencies.
Under the pretext of needing to restructure its investment policy, Twitter has probably been unable to make good money in recent years without bitcoins in its box. Even Jack Dorsey, the bitcoin-loving founder of Twitter, failed to achieve this.
Though Square inc, another Dorsey company already has bitcoins in the box, and also Twitter itself has bitcoin transfer implementations, it’s time for Twitter to get off the fence investing in bitcoins, not just pretty hashtags.
dissenting opinions
While Jack Dorsey, the founder and CEO of Twitter, is a big supporter of Bitcoin, Ned Segal, the company’s chief financial officer, does not seem to be such a fan of the world’s largest cryptocurrency.
While Square Inc, another Dorsey company, already has Bitcoin in the box, as do other companies like Tesla and MicroStrategy, Twitter seems far from that path. Segal says that for this to be possible, several decisions and changes need to be made.
“We will have to change our investment policy and choose more volatile assets. […] If we had cryptocurrencies on our balance sheet, we would have to make a different set of decisions. “these Ned Segal, CFO, are doing Twitter
Twitter has approximately $ 3.47 billion (£ 19 billion) in cash and other assets, according to a September report. If he were to convert some of that amount into bitcoins, it would be one of the companies that has more cryptocurrency in cash. Currently, the largest of these is MicroStrategy com 114,042 BTC (R $ 38).
No bitcoins in the box, but with bitcoins on the platform
While Twitter’s CFO seems reluctant to devote some of the company’s cash to bitcoin, the platform is gradually allowing its users to use bitcoin internally to interact with other users.
The biggest case was introduction of a tip system – Tips that can be sent to others – You can support content creators, for example, through the Lightning Network. However, today the service is only available in a few countries, such as the United States and El Salvador.
Other use cases, such as the possible integration of using NFT as an avatar, are also being developed by Twitter, which doesn’t have a release date yet. In addition, the company also created a team dedicated to cryptocurrencies, claiming to be gearing up for Web 3.0 focused on decentralized work and user rewards.
Finally, it remains to be seen when Twitter will bet on bitcoins, instead of putting the bitcoin symbol next to its hashtag, the company needs to put its hand on the fire by putting a few bitcoins in its pocket.
