Twitter may soon be following its sister company Square and other corporates such as electric car company Tesla, business intelligence firm MicroStrategy and insurance giant MassMutual down the bitcoin path.
The latest big name to embrace crypto is Mastercard, which announced this week that its network will be accepting digital currency payments.
In an interview with CNBC on Wednesday, CFO Ned Segal said the social media giant may put bitcoin on the balance sheet if its employees and vendors ask to be paid with crypto instead of the increasingly debased US dollar.
“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,” said Segal. “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.”
Last October, Twitter-affiliated Square, a payments platform, announced that it had bought $50 million worth of bitcoin, making it the second US-based publicly-traded company after MicroStrategy to invest in the digital asset, which skyrocketed again this week after Elon Musk’s Tesla bought $1.5 billion worth, resulting in gobsmacking gains for the electric car company.
What does this news mean for the future price of bitcoin? Crypto YouTuber Lark Davis put it succinctly: “Bullish as f**k.”
At the time of publication, the price of bitcoin was $48,050, according to CoinMarketCap, up 6.6% in 24 hours and 29% in the past seven days.