Benzinga | Nov 16, 2021 04:11PM EST

Why Twitter CFO Says Investing In Crypto 'Doesn't Make Sense Right Now': Report

Twitter Inc (NYSE:TWTR) CFO Ned Segal said the company would be better off investing in assets like stocks as opposed to highly volatile crypto assets.

What Happened: In an interview with The Wall Street Journal, Segal said that investing in cryptocurrencies "doesn't make sense right now."

The executive explained that in order to do so, Twitter would have to change its investment policy to accommodate holding more volatile assets on its balance sheet.

Twitter CEO Jack Dorsey has been a long-term advocate of Bitcoin (CRYPTO: BTC) and its role in shaping the decentralized future of the internet.

Dorsey's payments company Square Inc (NASDAQ:SQ) already holds over 8,000 BTC on its balance sheet worth over $485 million at the time of writing.

While Segal's statements indicate that it is unlikely that Twitter could soon follow suit, the social media company is in the process of bringing a number of new crypto-focused innovations to its existing platform.

"First, we'll be exploring how we can support the growing interest among creators to use decentralized apps to manage virtual goods and currencies and to support their work and communities," said Tess Rinearson, the newly hired head of Twitter's new crypto team.

"Twitter Crypto will underpin all of this work, and serve as a "center of excellence" for all things blockchain at Twitter. We'll be hiring for roles in engineering and product," she added.

Price Action: Bitcoin lost 7.23% of its value over the last 24 hours and is trading at $59,420.98. The selloff was extended across the wider crypto market, as leading altcoins Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) lost value as well.

Dogecoin (CRYPTO: DOGE) is down 7.23% at $0.2385.

Photo by Joshua Hoehne on Unsplash.