2 Firms CEO not ready to make any Bitcoin investment

TL;DR Breakdown

  • Uber CEO against Bitcoin investment
  • Adyen CEO welcomes crypto investment but…
  • What Firms CEO say about Bitcoin

The CEO of ride-hailing provider Uber, Dara Khosrowshahi, and CEO of e-commerce firm Adyen, Pieter van der Does, have expressed concern following Tesla’s step regarding making any Bitcoin investment anytime soon.

Both firms CEO, who said they are not ready to make any Bitcoin investment gave different reasons for this decision when they appeared in a CNBC interview. Uber CEO, Khosrowshahi said that his firm has quickly dismissed the idea of having anything to do with Bitcoin. He said this when quizzed if Uber would copy Tesla by setting aside a percentage of its investment portfolio into Bitcoin.

The CEO said, “We will keep our cash safe. He also said, “we are not in speculation business. He said the company’s upside is the business they build and not the investment they invest in.

This is despite Uber as a firm reportedly running at a loss compared to Tesla. Reportedly, Uber last recorded a profit in Q1 2018. Data from HyperCharts shows Uber had only $5.6 billion in cash as of Q4 2020, with negative cash flows recorded for the last three years.

Adyen’s excuse against Bitcoin investment

Pieters was less sentimental, unlike Uber CEO, Khosrowshahi. The e-commerce firm CEO was concerned about Bitcoin being used as payment owing to its volatility. In the last five days, Bitcoin price has surged by over 20 percent, reaching a new ATH.

“Bitcoin is more of an investment asset than a payment method,” said van der Does. “We are interested in payment methods which are being used […] I am wondering if the huge movement in the value of Bitcoin is helping it as a payment method.”

What other Firms CEO say about Bitcoin

After Tesla’s Bitcoin investment, several tech firm CEO has been asked if they will add Bitcoin to their balance sheet. However, a JPMorgan Chase strategist has argued that the cryptos high volatility would way off firms from adopting crypto as a store of value.

Twitter CFO Ned Segal has said they would likely begin employee payment with Bitcoin while Max Keiser, a crypto bull, has tipped Oracle Corporation to stake in crypto next. Others have said Apple would be next to go crypto.

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