Just Like Tesla Twitter Is Considering Investing in Bitcoin

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Just Like Tesla Twitter Is Considering Investing in Bitcoin

Tesla's huge bitcoin investment might encourage other companies to follow suit. Will Twitter take the risk? Not everyone keeps tabs on the stock market or cryptocurrency, but if you do, then you'd know that on February 8, Tesla bought $1.5 billion worth of bitcoin. After the company revealed its huge stake, bitcoin's value jumped by whopping 20.33 percent to $46,081.64—the highest it has ever been since March 2020. That said, it's been revealed that Tesla isn't the only business with interest in the cryptocurrency.

Twitter May Soon Pay Its Employees in Bitcoin

In an interview with CNBC, Twitter CFO Ned Segal said that the company is considering adding bitcoin to its balance sheet. So Tesla's investment in bitcoin has captured Twitter's attention. The social media platform has yet to actually made a move within its treasury department, but we know now that bitcoin transactions are at least being considered. When Segal was asked what it would take for Twitter to invest in bitcoin, he gave a very straightforward response. "One of the key things we'd look at would be if people are asking to transact with us in bitcoin. Because then 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 explained. You might think it unlikely that Twitter would take such a risk when it was just revealed that Twitter is looking to make big changes soon—like the and possibly . But Twitter's sister company, , is already a bitcoin investor. Last October, Square took to to announce that it had purchased $50 million worth of bitcoin. At the time, the investment represented approximately one percent of Square’s total assets. Not only that, but Twitter CEO Jack Dorsey is quite the fan of bitcoin. Following the Capitol Hill riots in January, he posted a thread a tweets to discuss the . Somewhere in the middle, Dorsey shifted to shine a spotlight on the cryptocurrency. Dorsey has become an increasingly more passionate about bitcoin over the years. Around this time last year, Dorsey had Twitter launch a branded hashtag for bitcoin. Now, #bitcoin” is accompanied by the bitcoin logo in tweets. In 2018, wrote that Dorsey predicts bitcoin to one day become the world's "single currency."

What s Next for Twitter

We're only two months into 2021 and Twitter is already taking steps to vastly change the platform as we know it today. Will another step be buying millions worth of bitcoin in the coming months for its transactions? Perhaps, if Twitter thinks of cryptocurrency as "an instrument of economic empowerment" like Square does.