Shares of PepsiCo, the owner of food products such as Pepsi and Ruffles, started to rise after announcing third-quarter profits.
PepsiCo finance department manager Hugh Johnston, who participated in the Squawk Box on CNBC, talked about Bitcoin.
“Will Pepsi keep Bitcoin or crypto in its treasury?” Answering the question, the CFO left an open door and announced that they have no such plans for now.
“Over time I learned to never say ‘never’. We prefer products with reliable liquidity. Bitcoin is still too volatile and speculative for us. It will take a very long time before Bitcoin becomes a functional currency for us.”
“I’ve learned over time never to say never … #bitcoins to me is still too volatile and still too speculative. I think it will be an awfully long time before #bitcoins becomes a functional currency for us,” says @PepsiCo CFO @hughjohnston $PEP pic.twitter.com/0JE9TozRZm
— Squawk Box (@SquawkCNBC) October 5, 2021
Although Bitcoin is traded in unregulated markets and the high volatility makes it difficult for companies to accept it, we see that an important adoption threshold has been crossed.
Because 5 years ago, it was almost impossible to hear a Bitcoin sentence that did not contain the words “fraud, balloon and ponzi” in the mainstream media.
At the current stage, companies always leave an open door for Bitcoin by expressing what criteria they look for in order to accept it.
We see that we are still at an early stage in Bitcoin, which has successfully passed such a large acceptance phase in a short period of 12 years. With more adoption, volatility and speculative movements are expected to decrease.
*Not Investment Advice.