By Liz Kiesche
- Bitcoin (BTC-USD), along with most other cryptocurrencies, drops after Twitter’s (NYSE:TWTR) CFO said investing some of the company’s capital in crypto assets such as bitcoin “doesn’t make sense right now.”
- Bitcoin (NYSEARCA:BTC) fell as low as $59.2K overnight, its lowest level since Nov. 1, according to CoinMarketCap.
- The world’s largest cryptocurrency recently traded at $60.1K, down 8.2% over the last 24 hours. Ether (ETH-USD) drops 10% to $4.24K, Binance Coin (BNB-USD) slides 10%, Solana (SOL-USD) falls 9.2%, Cardano (ADA-USD), dips 8.3%, and Shiba Inu (SHIB-USD) declines 9.6%.
- Meanwhile, Twitter (TWTR) shares rise 0.3% in premarket trading.
- “We [would] have to change our investment policy and choose to own assets that are more volatile,” Segal said in an interview with the Wall Street Journal.
- In addition to the volatility, the absence of accounting rules specifically for crypto assets is another deterrent. In recent months, large U.S. companies have urged the Financial Accounting Standards Board to create rules on how to treat cryptocurrency assets, the WSJ said.
- The notable exceptions of companies choosing to keep bitcoin (BTC-USD) on their balance sheets are Tesla (NASDAQ:TSLA), Square (NYSE:SQ), which is headed by crypto proponent and Twitter CEO Jack Dorsey, and MicroStrategy (NASDAQ:MSTR).
- Earlier this month, Twitter (TWTR) set up a team focused on crypto, the latest push by Dorsey to move further into decentralized finance and digital assets.