Twitter Considering Whether to Add Bitcoin to its Balance Sheet But No Changes Yet, says CFO
The company is also considering paying its employees and vendors in the digital currency, but only if people do want to transact in Bitcoin, following its second-ever $1 billion quarter.
The Twitter chief financial officer (CFO) Ned Segal said that the company is considering adding Bitcoin to its balance sheet, but “no changes” have been made yet. But he did say,
“it is something that we continue to study and look at, we wanna be thoughtful about it over time.”
These comments came right on the heels of Elon Musk’s Tesla announcing that it has purchased $1.50 billion worth of Bitcoin and would soon accept the cryptocurrency as a form of payment for cars as well.
Bitcoin proponent Jack Dorsey is the founder and CEO of Twitter, and his payments company Square has already purchased $50 million worth of Bitcoin, 4,709 BTC, in October last year. The company also committed $10 million to the Bitcoin clear energy initiative.
Dorsey believes Bitcoin could be the native currency of the internet.
In an interview with CNBC on Wednesday, the CFO said the social media giant had considered paying its employees and vendors in BTC. This change would be made if people do want to transact in digital currency.
“We might consider whether we would be transferring dollars to bitcoin at the time of the transaction or if we wanted bitcoin on our balance sheet ready to complete that transaction.”
Twitter actually posted its second-ever $1 billion quarter, reporting record revenue of $1.29 billion in Q4, up 28% year over year with its monetizable daily active users (mDAUs) reaching 192 million, up 27% year-over-year.
In a conference call with analysts late Wednesday, Twitter Chief Executive Jack Dorsey said he was
“really proud on how we navigated 2020… We are a platform much larger than any topic.”