I work for Disney.

I sent an email 3 years ago to our then-CFO pitching Bitcoin on the balance sheet. Not surprisingly, they weren’t interested.

I followed up again last week because we have a new CFO. Here’s the response.

What are your thoughts? @preston

“The bitcoin asset class is quite interesting and has been a fast growing asset class for a number of years now. I do think it is an interesting investment alternative for investors that believe the upside justifies the high volatility of the asset.

For corporate purposes, however, I do not think it is an appropriate investment. It is not part of our company strategy (entertainment), and as a store of value for our cash it is too volatile to be useful. I’ve stated my views on CNBC multiple times, and there was a Fortune article on my comments.

Keep in mind, our stock trades on the strength of our brands and other competitive advantages. They provide a level of stability that enables us to maintain a high PE multiple relative to the sector. Investors are not looking for us to be investment speculators - they can buy other trading companies (eg Bunge for commodities) in order to invest in that asset class. If you look at trading company PE multiples, they are generally far below those of TWDC.

Our priority for our cash is safety, liquidity and price stability. We only keep enough cash to ensure the company can function smoothly and efficiently. Beyond that, we return the cash we generate to shareholders through dividends and share repurchases.

Thanks for thinking about how to make the company better - I appreciate your passion and thoughts.”