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Etsy: Bitcoin is not suitable as a means of payment

Josh Silverman, CEO of large online vintage and craft marketplace Etsy, believes bitcoin is underdeveloped for use as a means of payment.

During a speech at Yahoo Finance Live, Silmerwan revealed that Etsy has no plans to buy bitcoin or invest in other cryptocurrencies in the coming years.

One of the reasons for this decision is the huge energy consumption of the Bitcoin network, while the company’s policy is aimed at maintaining the environment. Etsy is the largest in the craft market with a volume of $ 27 billion.

“I don’t think we can use our shareholders’ funds to speculate in cryptocurrencies. Etsy stores all surplus money in very reliable securities, ”said Silverman.

The Etsy CEO also noted that bitcoin is still underdeveloped for use as a means of payment, as it is still too little widespread:

“It is necessary that many people really have an asset in order to use it as a means of payment. Never say never, but I don’t think anything will change for Bitcoin in 2021 in this regard. “

Note that according to the exchange, there are now 106 million cryptocurrency users around the world.

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