Hugh Johnson, the chief financial officer and vice-chairman of the PepsiCo behemoth, stated in a recent interview with CNBC’s Squawk Box anchors that he can’t imagine his company purchasing Bitcoin with its cash reserves right now.
Hugh Johnson told Joe Kernen that despite his experience teaching him to “never say never,” he still cannot envision PepsiCo investing in Bitcoin, the world’s most popular cryptocurrency.
Johnson remarked that Bitcoin is “too volatile and speculative” for him. According to him, it will be “a very long time” before BTC can be used as functional money by PepsiCo.
Unlike Pepsico, some public firms have previously invested their cash reserves in Bitcoin. MicroStrategy, a business intelligence software company led by Bitcoin evangelist Michael Saylor, now owns about $5.1 billion in Bitcoin after purchasing $242.9 million in September.
Bitcoin has returned to $50,000.
Earlier today, Bitcoin reclaimed the critical $50,000 milestone reached in early September—specifically, Sept. 7, when El Salvador announced the introduction of Bitcoin as legal cash.
After surging on news from El Salvador, Bitcoin fell as China announced another cycle of its long-standing ban on cryptocurrency transactions and then took another swipe at the flagship cryptocurrency by restricting crypto mining.
As a result, the major local exchange, Huobi, and several smaller ones exited the Chinese market, wiping out all of its users on the mainland.
Other exchanges, including CoinEx, chose to relocate their headquarters outside the country. Certain cryptocurrency exchanges have been forced to shut down completely.
China’s prohibition has bolstered Bitcoin’s strength, according to Edward Snowden.
However, several crypto influencers have remarked that the less China in the cryptocurrency business, the better. Elon Musk, a millionaire, was one of them, tweeting that the Communist Party of China is fearful of Bitcoin because it threatens their centralized rule. He believes, however, that governments throughout the world will be unable to strangle cryptocurrency. Nonetheless, the Tesla CEO believes that it may succeed in limiting worldwide crypto adoption.
Marty Bent, the co-founder of Great American Mining, believes that the migration of miners from China is beneficial for Bitcoin, while infamous whistleblower Edward Snowden believes that the new China Crypto Ban has strengthened BTC.4
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