Twitter’s chief financial officer (CFO), Ned Segal, revealed that the social media network is considering a decision to add Bitcoin to its balance sheet. The executive noted that Twitter has been considering the BTC inclusion as part of its treasury and would continue to be “thoughtful” about it over time. While speaking with CNBC’s Squawk Box in a recent interview, Segal said:
“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.”
If Twitter eventually adds Bitcoin to its balance sheet, the company would be joining its sister company Square, which already has an investment in Bitcoin. In October 2020, Square announced that it had purchased about 4,709 BTC worth $50 million. At the time of purchase, each Bitcoin was at an aggregate price of $10,600.
Before the Square announcement, MicroStrategy revealed its first Bitcoin purchase in August. MicroStrategy’s initial BTC purchase was 21,454 at an aggregate price of $250 million. Since then, the company has continued adding Bitcoin to its treasury reserve.
Recently, electric vehicle maker Tesla also announced a $1.5 billion investment in Bitcoin. Following the news, Bitcoin hit a new all-time high. At press time, the top digital asset is down 2.90% to $45,126.99.
Image Credits: Pixabay
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