Twitter paying employees with Bitcoin? Twitter paying employees with Bitcoin is currently being explored, according to Twitter’s CFO. This would mean Twitter may be on the verge of purchasing Bitcoin!
Ned Segal appeared on CNBC’s Squawk Box and responded to questions about how Twitter would react to Tesla’s recent $1.5 billion investment in Bitcoin. Segal told CNBC that they are watching other companies closely.
“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,” said Segal.
“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.”
Twitter isn’t as valuable as Tesla. Twitter’s market capitalization is its over $51 billion to Tesla’s $780 billion. However, if Twitter and other companies follow Tesla’s lead, it could lead to higher prices for the cryptocurrency.
“Every CFO is going to be asked now that Tesla made the move,” said Bitcoin bull Anthony “Pomp” Pompliano in response to Segal’s interview.
“These are just the early innings of corporate adoption, as digital currencies are beginning to play a larger role in robust balance sheet management,” said Nathan Cox, the CIO at Two Prime, an investment firm specializing in digital assets. He added:
“We’ve been having many conversations with corporates to create clear Bitcoin strategies for their treasury reserves as a hedge against inflation. Announcements like these from corporate giants serve as a signal of what’s to come.”
Bitcoin dipped 5% overnight after hitting a high. Twitter’s stock has risen over 11% since the tech firm’s most recent earnings report.
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