Twitter CFO, Ned Segal, said that the giant social media platform currently doesn't want to enter the crypto world since it is still volatile. Various digital currencies, such as Ethereum, Bitcoin, and Dogecoin, are making huge headlines because of their massive growth.
TOPSHOT - This photograph taken on October 26, 2020 shows the logo of US social network Twitter displayed on the screen of a smartphone and a tablet in Toulouse, southern France. (Photo by Lionel BONAVENTURE / AFP)
Related Article: Twitter's 'Disappearing Tweets' Fix Rolls Out to Users-Here's What to Expect
Since the cryptocurrency market is attracting more and more investors as months go by, new digital coins are also being created. These include the new SHIBU INU, Dogelon Mars, and other new brands.
On the other hand, new giant investors, including a New York-based investment firm, decide to risk their revenues to own crypto assets. However, there's no doubt that digital coins are still unstable right now.
Because of its unpredictable nature, many agencies and companies, such as Twitter, are still unsure if they should use some of their finances to buy these cryptocurrencies.
Twitter Crypto Investment Still Not Possible
In the latest report of CoinDesk, Twitter's Chief Financial Officer provided the reasons why they don't want to risk their revenues to have crypto assets.
In this photo illustration, the logo for the Twitter social media network is projected onto a man on August 09, 2017 in London, England. With around 328 million users worldwide, Twitter has gone from a small start-up in for the public 2006 to a broadcast tool of politicians and corporations in 2017.
"We [would] have to change our investment policy and choose to own assets that are more volatile," said Segal via The Wall Street Journal.
Right now, Twitter has already generated huge revenues for the past few years. The giant social media platform confirmed that it could acquire a total of $3.47 billion in revenue back in September.
Although the company's value keeps increasing, Twitter still prefers avoiding the risk of cryptocurrencies, saying that the digital coins' volatility is one of the main reasons they don't want to use them for their corporate.
Instead, Twitter focuses on other things, such as its app's actual features. Recently, we reported that Twitter Blue would soon expand to more countries.
Why Tesla and Other Companies Invest in Cryptocurrencies
Despite the instability of digital coins, Tesla Inc., as well as Square Inc., and other companies are still risking their finances.
Amrita Ahuja, the current Square CFO, explained that crypto investments could provide them attractive financial benefits, which could last for years.
On the other hand, some companies have lots of money they can lose, such as Elon Musk's EV manufacturer. You can click this link to see more details.
For more news updates about Twitter crypto investment and other similar topics, always keep your tabs open here at TechTimes.
This article is owned by TechTimes
Written by: Griffin Davis
