Jack Dorsey’s company even plans to pay its employees and suppliers with Bitcoin. The co-founder and CEO of Twitter considers Bitcoin to be the equivalent of a “national currency” of the Internet.
Twitter could eventually join the growing list of companies investing in Bitcoin. The company’s CFO, Ned Segal, confirmed that they are considering including an investment in the cryptocurrency. However, they have not yet made a decision or taken any steps in that direction.
In recent days, Segal spoke in an interview with CNBC about the company that created one of the main social networks in the world. He said that they are considering investing in Bitcoin, which would make sense as Twitter co-founder Jack Dorsey supports the cryptocurrency.
Regarding the institutional interest in Bitcoin, Segal noted that they have observed the financial decisions of other companies, including investing in Bitcoin. He added that they have evaluated employee and supplier payment scenarios with the cryptocurrency and how this could work.
“We have thought a lot to consider how to pay employees or suppliers who demand their payments in Bitcoin. We have also thought about what we could do if we needed to have Bitcoin on our balance sheet at the time of payments,” said Ned Segal, CFO of Twitter.
They are currently considering a hypothetical entry into Bitcoin, but Segal noted that their approach to crypto poses certain risks. The executive considers that the turning point for such entry could be to meet a commercial counterpart demanding payments in the cryptocurrency.
The Long Relationship between Jack Dorsey, Twitter and Bitcoin
Among the most famous bitcoiners is precisely the co-founder and CEO of Twitter, Jack Dorsey. The businessman is of the opinion that Bitcoin is the equivalent of a “national currency” of the Internet.
Dorsey has expressed on many occasions his support to the open source project that Satoshi Nakamoto created. In addition, he has made investments so that the work of developers who contribute to Bitcoin continues.
He has offered Bitcoin-paid contracts to those engaged in developing projects and improvements for Bitcoin. He has also launched a grant system through his cryptocurrency-focused company Square Crypto.
In October, Square invested USD 50 million in Bitcoin, equivalent to 1% of the company’s assets. Since that month, the company has been on the list of large investors who have been entering Bitcoin.
Besides Twitter, there are other prominent companies that support the use of Bitcoin at the institutional level, such as MicroStrategy. The latter has created an investment fund to accompany the entry of other companies and has openly promoted Bitcoin.
Interest in Bitcoin has reached large mutual funds, such as those of tycoon Bill Miller, investor Stanley Freeman Druckenmiller, and SkyBridge Capital. Even Elon Musk’s Tesla electric car company joined the wave with an investment of USD 1.5 billion.
The pioneering cryptocurrency is trading above USD 46,000 at the time of this writing. Comments from renowned businessmen Michael Saylor and Elon Musk have been very influential for Bitcoin to continue breaking its all-time highs.
By Alexander Salazar
