Ned Segal revealed in an interview that Twitter was open to the idea of adding Bitcoin to their balance sheet
Since the revelation that Tesla invested $1.5 billion in Bitcoin, sending the price of the cryptocurrency to an all time high of almost $50,000, there has been a lot of speculation about whether other companies will follow suit.
“I actually wouldn’t be surprised to see there almost being somewhat of a race now,” said Grayscale CEO Michael Sonnenshein on institutional Bitcoin investing in an interview yesterday. “You’re going to see a lot of other visionary leaders and disruptive companies actually realizing it has really moved from why to why not.”
Now it appears Twitter could be one of those disruptive companies. Chief Financial Officer Ned Segal suggested in an interview with CNBC yesterday that the social media giant was open to the idea of adding Bitcoin to their balance sheet.
“We watch closely what other companies do to see what we can learn from them,” said Segal, reacting to Tesla’s Bitcoin investment. “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.”
It certainly seems like something Twitter CEO Jack Dorsey might be open to the suggestion. His Twitter bio currently just says #bitcoin and he revealed last week that he is now running a Bitcoin node. Dorsey’s payments firm Square already holds more than $200 million in Bitcoin and it was announced yesterday that he had made a $1 million donation to crypto policy think tank Coin Center.
When asked what would be the tipping point for Twitter to decide to buy Bitcoin, Segal responded, “One of the key things we’d look at would be if people were asking to transact with us in Bitcoin… 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 risk that we have.”