PepsiCo chief financial officer Hugh Johnston told CNBC that the first cryptocurrency is “still too volatile and overly speculative”.
«I’ve learned over time never to say never … #bitcoin to me is still too volatile and still too speculative. I think it will be an awfully long time before #bitcoin becomes a functional currency for us,» says @PepsiCo CFO @hughjohnston $PEP pic.twitter.com/0JE9TozRZm
— Squawk Box (@SquawkCNBC) October 5, 2021
According to Johnston, it is unlikely that PepsiCo will invest in Bitcoin in the future. However, he added that “you should never say ‘never’.”
“I think it will be a very long time before Bitcoin becomes a functional currency for us,” emphasised the PepsiCo CFO.
Johnston also expressed concerns about digital assets given regulators’ biased stance.
Bitcoin is already being accepted as payment by companies PayPal, Starbucks, airBaltic, Pavilions Hotels & Resorts, AXA and others.
Earlier, the head of the US Securities and Exchange Commission, Gary Gensler, said that the regulator does not plan to ban cryptocurrencies. He also described this as a matter for Congress.
Don Fitzpatrick, CEO of Soros Fund Management, confirmed that the family office of billionaire George Soros invested in Bitcoin.
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