Twitter Mulling Making Bitcoin Purchase, Says Company CFO
Ned Segal, Twitter’s chief financial officer (CFO) revealed that the social media giant was considering purchasing bitcoin, shortly after Tesla’s made a billion-dollar BTC investment.
Twitter Could Add Bitcoin to Balance Sheet Based on Demand
Speaking in an interview on CNBC’s Squawk Box on Wednesday (Feb. 10, 2021), the Twitter CFO stated that the company was considering bitcoin to its balance sheet. Meanwhile, Segal noted that one of the important factors the company would consider before making the decision was if there were requests to carry out transactions with Twitter using bitcoin.
The Twitter executive further stated that:
“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 with that over time but we haven’t made any changes yet.”
Segal’s comments are coming shortly after electric vehicle manufacturing company Tesla acquired $1.5 billion in bitcoin. The company also said that it could accept BTC as payment for its products. Back in October, payment company Square acquired $50 million worth of BTC, after Microstrategy’s earlier bitcoin purchase in August.
Twitter CEO Jack Dorsey has been a prominent proponent of bitcoin and has endorsed the biggest crypto asset by market capitalization at different times in the past. Earlier in February, Dorsey revealed via his Twitter handle that he was setting up a bitcoin node.
Meanwhile, there have been speculations that more companies would follow Tesla’s bitcoin purchase, with some stating that the U.S. tech giant Apple, could be next in line.
According to Bloomberg, RBC Markets stated that Apple should purchase the flagship crypto and also open a Bitcoin exchange. The report further stated that the successes recorded by companies such as Coinbase, PayPal, and Square, showed that the Bitcoin exchange model was a viable business, adding that Apple would gain a significant market share if it ventured into the industry.