The social media giant Twitter is considering whether to mirror Tesla’s decision to invest in Bitcoin.
The platform’s chief financial officer Ned Segal says in an interview with CNBC’s Squawk Box that the social media giant is reviewing the possibility of adding the flagship cryptocurrency to its balance sheet and even utilizing BTC for business transactions.
“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.”
Twitter has not yet made any changes to its portfolio or to its payments protocol, but Segal provides an estimate as to when the company may buy and use the leading digital asset.
“One of the key things we’d look at is if people are asking to transact with us in Bitcoin because then, we might consider whether we’re transferring dollars to Bitcoin at the time of the transaction, or if we wanted Bitcoin on our balance sheet ready to complete that transaction.”
Segal’s statement comes days after Tesla revealed in an SEC filing that it had purchased $1.5 billion worth of Bitcoin and that the automaker is working to allow customers to pay in BTC.
Upon Tesla’s announcement, Bitcoin’s price shot up to over $47,000 on Tuesday from a low of roughly $39,000 on Monday prior to the announcement.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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