Twitter may invest in bitcoin, the company’s chief financial officer Ned Segal has told the media. In an interview with CNBC, Segal said Twitter is considering adding the famous cryptocurrency to its balance sheet. "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," Segal said.
The price of bitcoin went up 10 percent after the announcement, but later dropped. At the moment of writing its price is above $46,500.
The development comes as financial experts say more major companies will turn to bitcoin after Tesla chief executive Elon Musk said the electric vehicle manufacturer invested $1.5 billion in the cryptocurrency. Some experts said that Tesla’s move could become a game-changer - for bitcoin in particular, but cryptocurrencies in general.
Like Elon Musk, Twitter’s chief executive Jack Dorsey is a big fan of cryptocurrencies and once suggested that bitcoin will become the world’s single currency. Last year Dorsey’s other company Square invested $50 million in bitcoin. On 10 February, Jerry Brito the executive director of Coin Center cryptocurrency think tank said that it had received $1 million in donations from Dorsey which will bolster the think tank’s research and lobbying efforts.
Coin Center has received and incredibly generous gift of $1 million from @jack — we’re speechless. 😮— Jerry Brito (@jerrybrito) February 10, 2021
We were almost to our goal for the matching campaign when he put us over the top and then some.
Your confidence in our work is incredibly humbling.
Coin Center is a non-profit research and advocacy organisation with the aim of building a better understanding of cryptocurrencies and to promote a regulatory climate that preserves the freedom of blockchain technology use.