The CEO of SoFi Technologies Anthony Noto says that while cryptocurrencies are indeed risky assets, any business that doesn’t invest now is going to miss the boat.
Anthony Noto Says Businesses Need to Get Involved in Crypto
In a recent interview, Noto revealed that his family office has spent the last year or so investing in mainstream digital currencies like bitcoin and Ethereum. He commented:
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.
He agrees that while these assets pose a lot of risks to investors, they should be an important addition to one’s portfolio if they want to experience financial success. Right now, these digital currencies make up a small portion of his wealth, but he’s eager to see where things go from here.
Over the past year and a half, we’ve witnessed many institutional investors getting involved in the digital currency space. Software firm MicroStrategy, for example, is arguably the biggest institutional fan of bitcoin today. The company first began getting involved in August 2020 and has continued to make regular investments in BTC to the point that the firm now owns nearly $4 billion worth of the asset.
Other institutions – such as payment processing firm Square, run by Twitter’s Jack Dorsey – also invested hundreds of millions in BTC in both 2020 and 2021. It’s been moves like these that have really put BTC on the map and caused the currency’s price to spike to new highs.
Over the Super Bowl weekend, fans who watched the game on television were treated to a wide array of crypto-related commercials for exchanges like FTX. Millions of dollars were poured into these ads according to Noto. He mentioned:
When you buy cryptocurrency on SoFi, every time we give you a warning: It’s an unproven asset, highly volatile… That’s the truth, but it’s an incredible technology platform. It’s an opportunity to invest in something that’s high risk.
The Space Just Keeps Growing
He also said that blockchain and crypto investing should occur now for companies given that the space is still relatively new. Getting involved early will give these firms a competitive edge and allow them to stay in the game when technology changes in the future. He stated:
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.
Noto is the former COO of Twitter and began working with SoFi in the year 2018. His personal finance firm has had the opportunity to name the Rams’ home stadium after it paid hundreds of millions of dollars in 2019.