Twitter’s Chief Financial Officer (CFO), Ned Segal’s exclusive stance on Bitcoin investment has broken the internet. Segal commented in an interview yesterday, stating that an investment of Twitter’s corporate cash into crypto assets including Dorsey’s favorite, Bitcoin “doesn’t make sense right now”. Twitter CFO unveiled the shocking truth about the company’s current investment policy, revealing that Twitter prefers to hold comparatively stable assets like securities, over the highly volatile Bitcoin on its balance sheet, and that to invest the company’s money in crypto, Twitter “will have to change its investment policy and choose to own assets that are more volatile”.
Furthermore, Segal pointed out the common concern about crypto’s volatility among finance chiefs at Twitter, claiming price swings to be one of the biggest reasons they don’t use crypto for their corporate investments. Additionally, the finance departments across multiple US corporations have also raised the issue of the need for carving out specific accounting regulations and systems for crypto assets. Industry giants have approached the Financial Accounting Standards Board to lay down the rules on how to treat crypto assets.
“There is a different set of decisions we would have to make if we were to own cryptocurrencies on our balance sheet,” said Segal.
Twitter Internal Conflict-of-Interest
Twitter CFO’s stance on Bitcoin investment goes against everything that the CEO, Jack Dorsey has ever stood for, giving rise to speculations about an internal conflict-of-interest at Twitter. While Twitter has maintained its pro-crypto position in the market for a long time now, yet, when a financial official confirms an anti-crypto investment policy, the community is left perplexed about the platform’s intent, which has given voice to the decentralized industry for several years now. From introducing the Bitcoin tipping feature, along with its NFT drop, to forming Twitter’s Crypto team to extend its reach “beyond cryptocurrencies”, and work towards the expansion and enhancement of crypto, blockchains, and other decentralized technologies, the social media platform has always conveyed its support to the crypto community.