Investing in cryptocurrencies “doesn’t make sense right now,” Twitter CFO Ned Segal said, according to the Wall Street Journal.
Twitter would have to change its investment policy to hold more volatile assets on its balance sheet, Segal said. The company prefers to hold less volatile assets, such as securities, he added.
Fintech firm Square, which is also headed and co-founded by Twitter’s Jack Dorsey, Musk’s Tesla, and software firm Microstrategy hold crypto on their balance sheet.
Dorsey is a supporter of decentralized technology, including bitcoin and cryptocurrencies.
Twitter wants to let users connect their accounts to third-party services that allow them to send tips in bitcoin, bring authentication for non-fungible tokens on its platform, and has started a crypto team.