According to the CFO of Twitter, this may be the next big tech company to buy bitcoin. During an interview with Squawk Box on CNBC, Ned Segal, who’s been the CFO of Twitter since 2017, was asked several questions regarding Bitcoin.
Bitcoin Is Being Taken Into Consideration
Segal confirmed that the tech giant is watching what other companies are doing and spoke about the possibility of adding the crypto asset to its own books or using it as salaries for Twitter employees.
“We have thought a lot from the beginning to consider how we could pay employees if they ask to be paid in Bitcoin, how we could pay a provider if they request to be paid in Bitcoin and if we need to have Bitcoin on our balance sheet,” Segal said.
Segal mentioned that Twitter didn’t make “any changes yet,” but mentioned that things could start happening if enough people were interested in transacting BTC with the tech company.
“When we hedge currencies, when we do business in another country, when we think about all the different exposures that we have, we are really trying to equalize our assets and liabilities, and we take the same approach to Bitcoin that we do to all the other types of risks that we have.”
Having a market capitalization of over $51 billion, Twitter is not even close to the market value of a company like Tesla, which has a market capitalization of $780 billion. After it was revealed that Tesla bought $1.5 billion of BTC, the price of the cryptocurrency reached an ATH of $48,200. If other big companies make similar purchases, the price will only go up.
“These are just the first innings of corporate adoption as digital currencies are beginning to play a bigger role in strong balance sheet management,” said Nathan Cox, CIO of Two Prime, an investment firm specializing in digital assets.
“We have been having many conversations with corporations to create clear Bitcoin strategies for their cash reserves as a hedge against inflation. Announcements like these from the corporate giants serve as a sign of things to come,” Cox added.