Twitter Considers Adding Bitcoin (BTC) to Its Balance Sheet

| Updated
by Bhushan Akolkar · 2 min read
Twitter Considers Adding Bitcoin (BTC) to Its Balance Sheet
Photo: Depositphotos

The Twitter CFO said that the company is working out options if they can pay salaries to their employees in Bitcoin along with allocating part of their treasury to BTC.

Corporates are coming to Bitcoin (BTC) and things could escalate further after Tesla‘s recent entry. On Wednesday, February 10, Twitter CFO said that the company is considering adding BTC to its balance sheet.

During an interview with CNBC’s Squawk Box, Twitter Inc (NYSE: TWTR) CFO Ned Segal talked about the company’s BTC plans. He stated that if Twitter employees and vendors consider accepting salaries/payments in Bitcoin (BTC), they might add the world’s largest crypto to their balance sheet. Segal said:

“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. It’s something we continue to study and look at. We want to be thoughtful about it over time, but we haven’t made any changes yet.”

Twitter’s sister-concern Square Inc said that it has already invested $50 million in Bitcoin in October 2020. Square was the second US-based public traded company after MicroStrategy Inc (NASDAQ: MSTR) to invest in Bitcoin (BTC). On Wednesday, Twitter stock surged 13% following this announcement.

Speculations in the market are ripe that other big-tech giants might soon invest in Bitcoin. Apple Inc (NASDAQ: AAPL) and Oracle Corp (NYSE: ORCL) are considered as key players to join the Bitcoin bandwagon. However, JPMorgan thinks that Tesla’s entry into Bitcoin will not trigger and further institutional buying.

MicroStrategy Shares Bitcoin Corporate Playbook

Business Intelligence firm MicroStrategy has invested around $1.5 billion in Bitcoins over the last few months. MicroStrategy CEO Michael Saylor has been aggressively pushing Bitcoin for corporate adoption. Michael Saylor shared his Bitcoin corporate playbook as well as sessions of his recently held World 2021 conference.

During his recent interview with Yahoo Finance, Saylor added:

“Bitcoin has emerged as the institutional safe-haven asset. In the modern era, cash is becoming a liability because the money supply is expanding at 15% and the purchasing power of the cash keeps degrading.“

He also noted: “As corporations adopt #bitcoin as a treasury reserve asset on their balance sheets, they replace a non-performing asset with the best performing asset, choosing volatile appreciation over stable depreciation. This Bitcoin Strategy benefits all shareholders over the long term”.

Read more news about Bitcoin on Coinspeaker.

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