Ned Segal – the CFO of Twitter, the second-largest social media platform in the world – says that the company is potentially looking into adding bitcoin to its official finance roster, thereby allowing payments to be made in the world’s number one digital currency by market cap.
Twitter Could Be the Next Big BTC Payment Provider
Segal says that nothing is set in stone yet, though if Twitter were to make this decision in the coming weeks or months, it shouldn’t be a surprise to digital traders. After all, the company is owned and operated by Jack Dorsey, which has been a large proponent of bitcoin over the past several years.
Dorsey’s other company Square has already given people the chance to purchase and trade digital assets and has seen hundreds of millions of dollars every year in bitcoin-related revenue. In addition, the company was one of the first institutional players to emerge and provide public support for the asset, buying roughly $50 million worth in late 2020.
Dorsey has also said in the past that bitcoin would be the world’s only currency before 2030, and he was recently discovered running a bitcoin node on his computer, suggesting that he’s now working as a validator of crypto transactions.
Segal says that the Twitter staff is looking into the possibilities of associating itself with bitcoin. The company is in no hurry to decide and wants to be right on the mark before taking any major steps. In a statement, he claims:
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 sheets should that happen. We want to be thoughtful about it over time, but we haven’t made any changes yet.
Twitter appears to be following in the footsteps of Tesla, the electric car company owned and operated by South African entrepreneur Elon Musk. Recently, the company purchased as much as $1.5 billion worth of BTC and claimed that it was now looking into allowing its customers to pay for items and services with the digital asset.
Nothing Set in Stone Yet
Bitcoin initially began as a payment currency and was designed as a means of shutting out fiat altogether. However, its vulnerability to price swings and fluctuations has ultimately gotten in the way. At the time of writing, the world’s primary digital currency is still very much viewed as a speculative asset, though it has been slowly garnering a reputation as a hedge tool or store of wealth following the introduction of the coronavirus pandemic given recent boosts in inflation.
Either way, while the idea of incorporating BTC as a payment currency with a major company is no doubt intriguing, it may be easier said than done.