Twitter Consider BTC Payments For Employees, Says CFO
"We have done a number of the upfront thinking to study how we might pay employees should they ask to be paid in BTC," stated Ned Segal.
According to the chief financial officer, Twitter may be the next leading organization to buy Bitcoin.
In a discussion on CNBC's Squawk Box, Ned Segal, CFO of Twitter since 2017, replied to questions regarding how Twitter would respond to Tesla's new $1.5 billion BTC investment this week. Segal told Twitter was observing other companies closely and discussed possibly adding the crypto asset to its books or utilizing it for Twitter employees' pays.
"We have done a lot of the upfront thinking to examine how we might pay employees should they ask to be paid in BTC, how we might pay a merchant should they ask to be paid in BTC, and whether we need to have BTC on our balance sheet," stated Segal.
Though the CFO told Twitter has not "made any changes yet," he continued that the tipping point could occur if sufficient people are involved in conducting BTC transactions with Twitter.
“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.”
With a higher than $51 billion market capitalization, Twitter is a part of a company's value similar to Tesla, whose market capitalization has grown to $780 billion this week. Following the announcement, Tesla had bought $1.5 billion of BTC and was considering accepting it for payments, the value of BTC touched a new all-time high of $48,200. If another multi-billion dollar firm announced related investments or adoption plans, it could help push the value even higher.
"Every CFO is going to be asked now that Tesla made a move," stated BTC bull Anthony "Pomp" Pompliano in answer to Segal's interview.
"These are just the initial periods of corporate adoption, as digital money is starting to play a bigger role in robust balance sheet management," stated Nathan Cox, the CIO at Two Prime, an investment firm specializing in digital assets. He replied:
"We’ve been having many conversations with corporates to create clear Bitcoin strategies for their treasury reserves as a hedge against inflation. Announcements like these from corporate giants serve as a signal of what’s to come."
The Twitter Share had increased more than 11% since the tech firm's most recent income report yesterday. Still, the price of BTC dipped 5% overnight to touch $44,880 at the time of writing.
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