FiREapps CEO says bitcoin is 'too speculative' for big companies

Key Points
  • FiREapps CEO Wolfgang Koester shared his digital currency views on CNBC's "Squawk on the Street" on Thursday.
  • The executive said corporations are waiting for new digital currencies sponsored by governments.
Vyacheslav Prokofyev | TASS | Getty Images

FiREapps CEO Wolfgang Koester said current cryptocurrencies are not suitable for companies.

Bitcoin's price volatility is "too speculative for corporations," he said on CNBC's "Squawk on the Street" on Thursday. "They are saying we can't get involved with bitcoin, but we like the idea of bitcoin and others. We like speedy transactions at a lower cost."

The executive predicted countries will eventually come out with their own digital currencies. He said China, Russia and Canada were all working on it.

Companies "are waiting for governments to issue those digital currencies, so they can take advantage," he added.

The price of bitcoin declined 7 percent to $14,292 Thursday, according to data from industry website CoinDesk. The digital currency is up more than 1,300 percent so far this year.

FiREapps provides currency analytics and foreign exchange exposure management technology solutions for multinational companies. The firm's clients include Google, Ericsson, Accenture and Merck.