Speculations are rife considering the next big name to invest in Bitcoin, the leading digital asset, after Tesla’s recent endorsement of the cryptocurrency following its $1.5 billion purchase. Analysts and watchers have been tipping some big companies to follow in Elon Musk’s footsteps.
The question being asked now is whether Twitter will also invest in Bitcoin soon. According to the firm’s Chief Finance Officer, Ned Segal, the social media giant is looking at the possibility of adding Bitcoin to its balance sheet. Furthermore, the company is considering adding Bitcoin into its payment options for workers, vendors, and partners who would like to be paid in cryptocurrencies.
Will Twitter Add Bitcoin to Its Balance Sheet?
It is undeniable that Elon Musk’s $1.5 billion investment in BTC, as well as his decision to accept the cryptocurrency as a payment option, has opened the door for multinational corporations and tech companies to join the crypto ecosystem.
Tesla’s move has prompted media platforms to ask other big companies if they would adopt the digital currency. Media platforms asked Twitter the same question. The company’s CFO, in an interview with CNBC, said they are “watching closely” the current trend, and there is a possibility of adopting Bitcoin soon.
Segal added that the demand for Bitcoin would primarily determine if Twitter will add it into its balance sheet or not. He said that the management would look at how the money is invested and the currency of investment, and how to make payments.
Twitter, the CFO explained, has considered and thought about the best way to pay workers if they like to receive their payments in bitcoin and if there is a need to include the digital asset in the company’s balance sheet. While Twitter is still looking at the possibility of adding Bitcoin, the company has not yet taken any step in doing so.
Can Jack Dorsey’s decide to buy Bitcoin
After being asked about Twitter’s stance on Bitcoin, the CFO was reminded that his CEO, Jack Dorsey was an influential Bitcoin backer as Square, managed by Dorsey, invested $50 million in bitcoin in October last year.
Besides, Dorsey edited his Twitter bio to “Bitcoin” and has left it that way since then. The Twitter and Square CEO also showered praises on Bitcoin following his remark about the sanction he placed on former US President Donald Trump.
In October 2020, Dorsey’s Square invested $50 million worth $4,700 worth of Bitcoin in the cryptocurrency, hinging its decision on Bitcoin’s potential to be a generally accepted standard payment soon. MicroStrategy had earlier invested in Bitcoin, making it the first public company to do so, followed by Square.
Dorsey later explained in a release that he saw Bitcoin as a tool for economic growth and a step he took to inform the public of the evolutionary monetary system, which is in tandem with the company’s mission. In 2018, Square began bitcoin trading with Cash App, a platform that brings buyers and sellers together. A year later, the firm launched Square Crypto aimed at focusing on crypto transactions.