Twitter mulls over introducing a BTC payment option for employees

Written by: Jinia Shawdagor
February 11, 2021
  • Per Ned Segal, Twitter is awaiting reactions from other firms before it decides to invest in BTC.
  • The firm tipping point would be increasing demand for BTC payments.
  • According to Pompliano, more CFOs are going to be asked about BTC investment.

Twitter is allegedly looking to make a major investment in Bitcoin (BTC). The tech company’s Chief Financial Officer, Ned Segal, hinted at this integration during an interview on February 10. Segal unveiled this bullish news while commenting on how Twitter would react to Tesla’s investment, seeing as Jack Dorsey, the firm’s CEO is interested in BTC.

In the interview, Segal said that Twitter is currently observing the reactions of other companies to learn. He also mentioned that the firm is considering how it might pay employees should they start requesting payments in BTC. The firm is also considering venders that might demand BTC payments, according to Segal. As such, the company is contemplating the potential integration of BTC in Twitter’s balance sheet or using the coin to settle employee salaries.

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While Twitter is exploring BTC adoption, Segal noted that the company is proactively studying this matter to ensure its decisions are thoughtful over time. As a result, the tech giant has not made any changes yet.

Treading carefully

Disclosing what the hold up is all about, Segal noted that Twitter is waiting to see whether people will ask to transact in BTC. Through this, the company would then decide on whether to transfer dollars to BTC to complete transactions or whether to add BTC to its balance sheet to simplify the process altogether.

He added,

When we hedge currencies, when we do business in another country, 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 risks that we have.

Commenting on Segal’s Interview, renowned Bitcoin proponent, Anthony Pompliano, said that Tesla’s investment means more CFOs will have to answer whether their firms intend to purchase BTC.

This news comes after Tesla invested £1.08 billion in BTC earlier this week and announced that it was considering accepting the coin for payments. Through this investment, BTC’s price recorded a new high after surging as high as £34,851. While Twitter’s market cap is smaller than Tesla’s, news of adopting BTC could help the coin revisit its new ATH or even soar higher. At the time of writing, BTC is changing hands at £32,657 after plunging 2.76% over the past 24 hours.