Twitter tinkers on holding Bitcoin

Twitter Inc has thought about whether to hold bitcoin on its balance sheet, but it has not made any changes yet, the social media platform’s Chief Financial Officer Ned Segal told CNBC on Wednesday.

In an interview with CNBC, Segal said Twitter had considered how it might pay vendors or employees using bitcoin, should they ask to transact using the virtual currency.

Segal’s comments come a couple of days after billionaire entrepreneur Elon Musk’s Tesla Inc revealed it had bought $1.5 billion of the cryptocurrency and would soon accept it as a form of payment for cars, sending the cryptocurrency shooting higher.

Shares of Twitter were up 8% after the company on Tuesday beat Wall Street targets for quarterly sales and profit and followed its social media peers to forecast a strong start to 2021 as ad spending rebounds from a rock bottom.

Twitter top boss Jack Dorsey, who is also the chief executive of payments firm Square Inc, is a known bitcoin enthusiast and has said he believes the internet will have its own native currency.

Square in October said it had purchased about 4,709 bitcoins at an aggregate purchase price of $50 million.

Share: