Social Media Giant Twitter Could Add Bitcoin To Portfolio Says CFO
Twitter CFO Ned Segal has hinted that the Social Media giant could add bitcoin to its balance sheets. This comes on the back of increasing demand for bitcoins from institutions in recent weeks.
Twitter could join Bitcoin Train
Segal revealed this stance in an interview with CNBC on February 10, 2021, when quizzed about cryptocurrencies. The Twitter chief stated that the tech giant might consider bitcoin depending on a few factors.
Segal explained that if Twitter employees and clients request payments in bitcoin, it could change policy. “We’ve done a lot of the upfront thinking to consider how we might pay employees should they ask to be paid in bitcoin, how we might pay a vendor if they asked to be paid in bitcoin, and whether we need to have bitcoin on our balance sheet should that happen,” He said.
Segal further added that the company would study and look at the potential ramifications before making any decision. He concluded that at the moment, Twitter had not made any changes to its existing policies.
Bitcoin The Digital Gold
Bitcoin has lived up to its nickname of “Digital Gold” and a hedge against inflation and economic uncertainty. The leading coin has surged by over 200% in the past three months.
This bull run has attracted tremendous interest from tech and financial institutions that have sought to add the coin to their portfolio. Grayscale and Microstrategy lead the way with over $15 billion worth of bitcoins in their portfolios combined. Payment processing juggernaut PayPal added cryptocurrencies to its payment platform in late 2020 and has experienced massive growth.
The trend has continued in 2021, with more institutions buying significant chunks of bitcoins. Leading car manufacturer Tesla recently joined the bitcoin train when it revealed the purchase of $1.5 billion worth of bitcoins earlier in the week. This significant purchase from Telsa prompted financial firm RBC to suggest that Apple could be the next to invest in bitcoins.
However, it appears that Twitter could be the next to make a plunge at the leading cryptocurrency. Twitter CEO Jack Dorsey is a notable Bitcoin enthusiast, and sister company Square is one of the most prominent investors in bitcoin.