Hugh Johnson, Chief Financial Officer and Vice Chairman of the American PepsiCo Corporation, expressed his mistrust of Bitcoin and other cryptocurrencies due to the volatility of their exchange rate.
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interview Hugh Johnson said on CNBC’s Squawk Box that the company is unlikely to ever invest in bitcoin. This is due to its volatility and market manipulation using Bitcoin. Concerns are also raised by the regulatory bias towards cryptocurrencies.
Johnson explained that in his experience, “you never have to say never,” but he cannot imagine a corporation like PepsiCo going to buy bitcoin. At the very least, it will take a very long time before a company starts investing in crypto assets.
However, there are many large companies that are not intimidated by the volatility of Bitcoin. For example, in August, MicroStrategy bought 3,907 BTC for $ 177 million, and now it has 108,992 BTC at its disposal. Started investing in bitcoin and asset management firm Stone Ridge Holdings Group last year, buying 10,000 BTC. Among the big companies that have invested in bitcoin is payment company Square, which acquired 4,709 BTC in October 2020. Its leader, Twitter founder Jack Dorsey, is considered a supporter of bitcoin and contributes to its development.
Despite the distrust of Bitcoin, PepsiCo is positive about blockchain technology and realizes its potential. In 2019, the company tested blockchain to improve the transparency and ROI of its soft drink ads.
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