PepsiCo CFO speaks out against Bitcoin

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Bitcoin has benefited from high prices, although it is not in favor of Hugh Johnson, chief financial officer of PepsiCo, NewsBTC reported.

Johnson said the corporate society of the Americas would not be positively affected by digital currency and put it on their balance sheets, according to the report.

While the increase in the price of bitcoin has some experts theorizing that more whale investors may come forward, Johnson said he believes the opposite should happen. High speculation in the most popular crypto runs counter to companies’ desires to manage their assets, the report says.

While bitcoin price spikes have brought benefits to CEOs who have invested in them in recent months, more conventional managers might see risks in the funds they intend to use for share buybacks, new plans, contingencies and more, according to the report.

In other news, China has imposed restrictions on investment in cryptocurrency mining, Reuters reported. The government has, however, reduced the number of sectors where investment is limited.

Chinese regulators banned trading and mining of cryptocurrencies earlier in the year as part of a crackdown in an attempt to get rid of illegal cryptocurrency activity, according to the report.

This has led to withdrawal exchanges from China, and the country has so far doubled down on trying to control speech, berating the entertainment industry for what it says is polluting society and asking mobile browsers to stop. rumors and sensational headlines in the content.

Meanwhile, the crypto community could finally get what they want in terms of US bitcoin exchange-traded funds (ETFs), Bank Automation News reported.

There may be as many as four of these products, as the Securities and Exchange Commission (SEC) is due to decide this month the fate of a set of ETF applications, according to the report.

ETFs will hold bitcoin futures contracts instead of the asset itself, the report says. They are filed under the Investment Company Act of 1940, which offers better protection to investors.

The United States has a $ 6.7 trillion ETF industry, but none for bitcoin, according to the report. Meanwhile, other countries like Canada and several European nations already have them.

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