A top Twitter executive said the social network is considering following Tesla’s surprise move this week to invest in bitcoin.
Twitter’s finance chief, Ned Segal, said Wednesday morning that the social media giant is considering adding bitcoin to its balance sheet, following the lead of Tesla CEO Elon Musk, whose electric-car company said Monday it has bought $1.5 billion worth of the premier cryptocurrency as an investment.
Segal said his crypto curiosity h as more to do with how Twitter will transact with employees and vendors who prefer bitcoin to fiat currency.
“We’ve done a lot of the upfront thinking to consider how we might pay employees should they ask to be paid in bitcoin,” Segal told CNBC in an interview. “How we might pay a vendor if they asked to be paid in bitcoin and whether we need to have bitcoin onbour balance sheet.”
The CFO might not have to look far for guidance on how to get bitcoin onto his books. Twitter Chief Executive Jack Dorsey’s other company where he is CEO, the payments company Square, purchased $50 million worth of bitcoin back in October.
Bitcoin’s price shot up more than 10 percent after Segal’s CNBC appearance but have since traded lower, recently changing hands at $44,305.80.