Etsy CEO says that Bitcoin is still too speculative and volatile to be used as a means of payment especially on the artisanal marketplace so let’s read more in our latest Bitcoin news.
Etsy CEO Josh Silverman believes that the currency is too volatile for now and it won’t be buying any Bitcoin to hold in the near future. The CEO doesn’t expect to welcome BTC as a payment method on the online vintage goods and crafts marketplace so the company will not be buying any crypto for its balance sheet this year:
“I don’t think it’s quite ready yet to be tender. You need a lot of people holding it before it is actually useful as a form of tender. Never say never, but I don’t think 2021 is the year when we would prioritize that.”
Silverman’s words were said in a week that served as a sobering reminder of how volatile the crypto market is. The markets took a turn for the worse this week after BTC corrected 15% in just one day and the price plummeted from an all-time high of $58K to just $49K. The crash subtracted about $100 million from the $1 trillion market cap of Bitcoin. The crash happened despite the tremendous institutional investment in BTC over the past few weeks and also as the SEC revealed, Tesla’s $1.5 billion BTC spend with more plans to accept BTC payments in the future.
Another billion-dollar purchase by the business intelligence company Microstrategy increased the total BTC holdings to $4.3 billion as the CEO Michael Saylor who is bullish on BTC, plans to continue raising capital to purchase even more. Etsy’s position is, however, a reminder of how speculative the digital currencies are and the New York-based online marketplace that has stocks worth $27 billion, said it had no plans to invest in crypto any time soon. Silverman added:
“I don’t think that it’s our job to speculate with our shareholders’ cash. The cash that Etsy has on its balance sheet stays in very safe securities.”
Etsy is playing it safe for now, and this is a sentiment that has been echoed across the financial world as per the survey by Gartner who revealed that only 5% of the financial executives actually consider holding BTC because of its volatility.
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