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Consideration Of Holding Bitcoin Was Made By Twitter But No Decision Yet

Consideration Of Holding Bitcoin Was Made By Twitter But No Decision Yet
According to the social media platform Twitter’s chief financial officer, Ned Segal, the aspect of holding bitcoin on its balance sheet has been given a thought by the social media company but has not brought in any changes as yet.
The consideration of the paying vendors or employees using bitcoin and whether the vendors should be asked to transact using the virtual currency had been considered by the company, Segal said in a television interview.
“We might consider whether we would be transferring dollars to bitcoin at the time of the transaction or if we wanted bitcoin on our balance sheet ready to complete that transaction,” Segal said.
These comments from Segal were made just a couple of days after billionaire entrepreneur Elon Musk’s Tesla Inc revealed that the auto maker had bought $1.5 billion of the crypto currency and would soon be ready to accept the crypto currency as a form of payment for car which pushed the value of bitcoin.
“This is something we’ll monitor and we’ll evaluate. If there’s strong customer demand for it in the future, there’s nothing that precludes us from doing that”, said Chief Executive Mary Barra of General Motors Co on an earnings call on Wednesday while replying to a question about accepting bitcoin as a mode of payment for vehicles.
But unlike Musk, Barra said “We don’t have any plans to invest in bitcoin. Full stop there.”
The shares of Twitter shot up by 11 per cent after the company results reported quarterly sales and profit for the last quarter better than expectations of the Wall Street. Just like the rest of its social media peers it also forecast a strong start to the current year with the company expecting a rebound in ad spending from the rock bottom during the pandemic.
The chief executive of payments firm Square Inc, Jack Dorsey, is also the top boss of Twitter and is a known bitcoin enthusiast and he has been noted as saying that he is of the strong opinion that its own native currency will one day be coined by the internet.
Square in October said it had purchased about 4,709 bitcoins at an aggregate purchase price of $50 million.

Christopher J. Mitchell

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