Twitter CFO Says Firm May Add Bitcoin to its Balance Sheet
Twitter is currently open to the idea of adding Bitcoin (BTC) to its balance sheet in case employees or vendors ask to be paid crypto, the social media company's chief financial officer Ned Segal told CNBC today.
"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 #btc and whether we need to have #btc on our balance sheet," says @NedSegal $TWTR. pic.twitter.com/KjIgnqDmYC— Squawk Box (@SquawkCNBC) February 10, 2021
"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," noted 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," he added.
Twitter CEO Jack Dorsey has been voicing positive sentiments toward Bitcoin lately. Last week, for example, Dorsey revealed to his 5.2 million followers that he is running a Bitcoin node. Dorsey's Twitter profile also currently says just one word, "Bitcoin," which may have inspired Tesla CEO Elon Musk to do the same.
As Decrypt reported, Tesla itself recently revealed its $1.5 billion investment in Bitcoin, boosting the price of BTC close to $50,000.
Segal's statement also echoed Grayscale CEO Michael Sonnenshein's opinion, who today said that large corporations will likely follow Tesla’s example and invest in Bitcoin. “You're going to see a lot of other visionary leaders and disruptive companies actually realizing it has really moved from why to why not,” he told CNBC.
David Wachsman, CEO and founder of professional services firm Wachsman, also noted that "Musk’s investment in Bitcoin will significantly accelerate the feedback loop of institutional adoption legitimizing crypto assets.”
“The signs of institutional fear of missing out (FOMO) on crypto as the next major asset class are already visible, and it will be interesting to see if this move prompts a wave of other enterprises and institutions to follow suit,” he added.Source