Twitter is Considering Adding Bitcoin to its Balance Sheet

Following the news on Tesla’s US$1.5 billion Bitcoin buy, many industry players like Galaxy Digital’s Mike Novogratz forecasted that several CEOs and CFOs would consider adding the cryptocurrency to their reserve. Well, it’s already happening! Popular social media platform, Twitter, is considering adding Bitcoin to its balance sheet, according to the chief financial officer or CFO, Ned Segal. This should be another catalyst for the cryptocurrency to increase in market value, owing to Twitter’s popularity.

Twitter Considers Buying Bitcoin

As Segal told CNBC in an interview on Wednesday, they are contemplating whether to add Bitcoin to Twitter’s balance sheet. The CFO also noted that they have been thinking about how the social media vendors and workers can be paid with the cryptocurrency, should they request such payment. So, Twitter is more likely to purchase BTC as part of its treasury reserve as soon as the employees and vendors ask for it.

Segal’s precisely stated: 

“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 CEO is Already a Big Supporter

Noteworthily, Twitter has one of the biggest Bitcoin supporters, Jack Dorsey, as the CEO, and so adding Bitcoin shouldn’t be a difficult decision to make for the social media platform. Already, Jack Dorsey’s Square Inc. is among the largest corporate Bitcoin investors. Square invested US$50 million in Bitcoin, which is currently worth over US$200 million. 

Last week, Dorsey also revealed he’s running his own Bitcoin node.