Ned Segal, the CFO of Twitter, has said that Twitter may be the next major company to purchase Bitcoin.
It has been reported in an interview on CNBC’s Squawk Box on February 10 that Segal, who has served as the CFO of Twitter since 2017, responded to questions about how Twitter would react to Tesla’s recent $1.5 billion Bitcoin (BTC) investment this week.
Segal said that the tech firm was watching other companies closely, and discussed potentially adding the crypto asset to its own books or using it for Twitter employees’ salaries.
He added:
“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 should they ask to be paid in Bitcoin, and whether we need to have Bitcoin on our balance sheet.”
Though he said that Twitter has not “made any changes yet,” he added that the tipping point could come if enough people are interested in conducting BTC transactions with the tech firm.
Segal said:
“When we hedge currencies, when we do business in another country, when we think about all the different exposures that we have, we’re really trying to match our assets and our liabilities, and we take the same approach to Bitcoin that we do to all the other types of risks that we have.”
Likewise, with a market capitalization of more than $51 billion, Twitter is a fraction of the value of a company like Tesla, whose market cap has risen to $780 billion this week. After Tesla had purchased $1.5 billion of Bitcoin and was considering accepting it for payments, the price of Bitcoin reached a new all-time high of $48,200.
Twitter CFO @nedsegal said a tipping point could come if enough people are interested in #Bitcoin transactions with the tech firm https://t.co/9fAb2apamB — Cointelegraph (@Cointelegraph) February 10, 2021
Anthony “Pomp” Pompliano said in response to Segal’s interview:
“Every CFO is going to be asked now that Tesla made the move.”
Thus, Nathan Cox, the CIO at Two Prime, an investment firm specializing in digital assets, said:
“These are just the early innings of corporate adoption, as digital currencies are beginning to play a larger role in robust balance sheet management. We’ve been having many conversations with corporates to create clear Bitcoin strategies for their treasury reserves as a hedge against inflation. Announcements like these from corporate giants serve as a signal of what’s to come.”
Source: Cointelegraph