Social media company Twitter has revealed that the company might begin to use Bitcoin as a means of payment for staff remunerations. The company said if asked to be paid in Bitcoins by staff, the option will be duly considered. The company also revealed that it is considering using Bitcoin which is the world’s most popular Bitcoin as a treasury reserve too.
Ned Sagal who is Twitter’s Chief Financial Officer, in an interview session on CNBC, said that the company is looking to pay its employees in Bitcoin as long as they request for Bitcoins as a means of payment.
‘We have done a lot of the upfront thinking to consider how we might pay employees should they ask to be paid in bitcoin (BTC, -3.53%), how we might pay a vendor if they asked to be paid in bitcoin and whether we need to have bitcoin on our balance sheet’, Ned Sagal said.
"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 #btc and whether we need to have #btc on our balance sheet," says @NedSegal $TWTR. pic.twitter.com/KjIgnqDmYC
— Squawk Box (@SquawkCNBC) February 10, 2021
The Chief Financial Officer stated that the company is closely watching what other companies are doing in regards to this, so as to be able to learn from these other companies and improve on what they learn.
Square Inc. led by Twitter’s Jack Dorsey disclosed that it purchased 4,709 bitcoins at an estimated value of $50 million dollars, on October 8th 2020.
The company revealed that it invested in Bitcoin because it is a great tool for economic development. The company said cryptocurrency is in line with its long-term objectives and acknowledged Bitcoin as a great tool for economic enhancement and the future of payment, therefore, it wouldn’t want to delay in joining the bandwagon.
Twitter’s decision to start using Bitcoin as a treasury and means of payment is a decision that is worthy of emulation. Undoubtedly, cryptocurrency has become the order of the day and is the future, and moving towards the future, the tech company is totally on the right track. Other companies are beginning to see and seize the opportunities that lie vast in cryptocurrency. For instance, Tesla, owned by the world’s richest man Elon Musk, invested $1.5 billion in Bitcoin very recently.
Twitter’s involvement with Bitcoin and cryptocurrency in general promises to be the best decision the company would ever make because the world is embracing and would continue to accept Bitcoin (and extensively other cryptocurrencies).