Twitter considering Bitcoin (BTC) to pay for employees’ salary
Twitter might be the next big firm to enter the space as the social media platform is considering using BTC to pay for its employees’ salary
Thu, 18 Feb 2021, 08:50 am UTC
Bitcoin (BTC) surged to new heights as a number of big-name firms, such as Tesla, Morgan Stanley, and Deutsche Bank, announced their investment in cryptocurrency or their intention to offer crypto-related services to their clientele. Twitter might be the next big firm to enter the space as the social media platform is considering using BTC to pay for its employees’ salary.
Twitter CFO Ned Segal, who was recently interviewed in CNBC’s Squawk Box, was asked to react to Tesla’s announcement of its $1.5 billion investment in Bitcoin. Segal said that the firm has been considering the use of the crypto for its employees’ salaries or the addition of BTC to its books.
“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 should they ask to be paid in Bitcoin, and whether we need to have Bitcoin on our balance sheet,” the Twitter CFO said, according to Cointelegraph.
While the company has not yet made any concrete moves towards crypto, Segal said that that tipping point could arrive once more people want to transact with Twitter using BTC. “When we hedge currencies, when we do business in another country, when we think about all the different exposures that we have, we’re really trying to match our assets and our liabilities, and we take the same approach to Bitcoin that we do to all the other types of risks that we have,” he explained.
The crypto market rally, which started last year, is mainly attributed to the entry of institutional investors. Last week, Tesla revealed that it bought $1.5 billion in BTC that triggered BTC’s recent price surge, which saw the crypto surpass $50,000 for the first time.
With its 43,000 BTC, the electric car maker now has the second-largest Bitcoin portfolio among publicly-listed companies. Microstrategy remains at the top spot with its 71,079 BTC.
Morgan Stanley’s investment unit Counterpoint Global is also “exploring whether the cryptocurrency would be a suitable option for its investor.” Should the plan push through, Morgan Stanley’s entry into crypto could help ease Bitcoin’s acceptance in traditional finance.
Another firm mulling its entry into crypto is Deutsche Bank. The German bank plans to offer crypto custody, trading, and token issuance services.
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