Sunday, July 21, 2024

Purchasing crypto assets, according to Twitter’s CFO, “doesn’t make sense right now”

Twitter CFO Ned Segal was recently all over crypto news outlets for his comments on cryptocurrency. Speaking to a wide fanbase and followers, he declared he is not investing in crypto and does not see it as a good option right now.

Many critics of cryptocurrency have supported Segal, while pro-crypto experts and communities vehemently disagree with him. However, the disagreements of a select few did not have an effect on the prices of Bitcoin, Ether, and other cryptocurrencies. Post Segal’s comments, both Bitcoin and Ether fell by around 5% each, while other cryptocurrencies like Binance Coin and Litecoin suffered heavier losses.

Before delving into judging Segal’s predictions right or wrong, it is important to understand what he said. In his statements, he excluded the long-term implications of crypto investing and instead focused on immediate realities. With the infrastructure bill passing in the United States, crypto businesses are likely to be under stricter regulation. Recent tax law revisions have also made it mandatory for any digital asset transaction worth $10,000 or more to be reported to the Internal Revenues Committee. In such a circumstance, many agree with Segal in not investing in Bitcoin. However, history has shown us that Bitcoin and cryptocurrencies have bounced back from falls. The most recent example of crypto bouncing back from a sharp fall came after the China ban on crypto. As it stands now, it is hard to assess the long-term implications of Segal’s comments on the crypto market.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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