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Twitter Considering Bitcoin Options, Including on Balance Sheet, Exec Says
Chief Financial Officer Ned Segal said the firm has been watching other companies to see what it can learn.
Updated May 9, 2023, 3:15 a.m. Published Feb 10, 2021, 3:25 p.m.
Twitter is considering adding bitcoin to its company reserves, according to Chief Financial Officer Ned Segal.
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Segal told CNBC's "Squawk Box" Wednesday that the social media giant is also looking at payment options involving the top cryptocurrency by market cap.
“We have 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 sheet,” he said.
The CFO added that the team watches closely what other companies do to see what can be learned from them.
In recent months, major firms like MicroStrategy started to invest in bitcoin as a hedge against inflation and a devaluation in the U.S. dollar. Most notably, Fortune 500 firm Tesla announced Monday it has put $1.5 billion into bitcoin.
Read more: Twitter CEO Jack Dorsey Has Set up His Own Bitcoin Node
Segal's comments are perhaps not surprising. Twitter CEO Jack Dorsey is a noted advocate of bitcoin, having brought in a buying and selling service for the cryptocurrency at Square, which he also heads. He also set up Square Crypto, a small team dedicated to supporting bitcoin development.
Twitter shares were trading up 11.67% at $66.88 on Wednesday at the time of publication.
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