Super Bowl Host’s CEO: “Crypto Adoption Necessary in Public Companies”

The 10-year-old personal finance company gained the attention of the masses thanks to the Super Bowl LVI.

During the event, many cryptocurrencies witnessed rallies for different reasons and now the very host of the Super Bowl SoFi Technologies Inc.’s CEO also made a comment about cryptocurrencies.

SoFi Says Yes to Crypto

In an interview with CNBC’s ‘Squawk Box’, CEO of SoFi Anthony Noto made some definitive statements about his perspective on cryptocurrencies and what role they play in the bigger picture.

He said that going forward it is important for companies to integrate cryptocurrencies into their system since these digital assets could determine the dynamics of businesses in coming years. Adding to the same notion, he said:

“If you don’t innovate, and you don’t use cryptocurrency as a technology platform, you’ll get left behind. Your business will be smaller. You’ll be less competitive. You will have less innovation and less of a value proposition for consumers and you lose ground.”

When asked about whether or not SoFi itself practiced the preach, Noto said:

“We’re invested in cryptocurrency. We own Bitcoin, we own Ethereum, we own some of the more obscure and different cryptocurrencies, but it’s a very small part of what we own”

But Noto did not disregard the potential drawbacks that crypto investments stir up. He said that while cryptocurrencies are an incredible technology, ensuing volatility is always a significant concern.

For the same reason, every purchase from SoFi comes with a warning that cryptocurrency is an “unproven asset”, “highly volatile” and that “you can lose all your money”.

Crypto in Public Companies

While SoFi revealed its ownership of cryptocurrencies yesterday, there are many major public corporations that have been forthrightly buying cryptos.

The most famous name on the list is MicroStrategy which holds the highest number of Bitcoin (125, 051) which are presently worth about $5.5 billion. 

Other well-known names include Tesla, Square, Galaxy Digital Holdings, etc. Although not a public company per se the most recent well-known name to join the mix was the Canadian arm of one of the ‘Big Four’ organizations, KPMG.

Earlier this month the company announced the allocation of crypto assets to its treasury marking the first direct crypto investment by the firm.