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Twitter may use Bitcoin for transactions: Top officer

“We might consider if we would be transferring dollars to Bitcoin at the time of the transaction,” Twitter Inc said on Wednesday

“…Or if we wanted Bitcoin on our balance sheet ready to complete that transaction,” it added.

A few days after SpaceX CEO Elon Musk’s Tesla Inc revealed that it had bought $1.5 billion of Bitcoin and would soon accept it as a form of payment for cars, now, social media giant Twitter Inc is thinking about whether to hold Bitcoin on its balance sheet.

Social media giant made no changes yet

In the meantime, the billionaire entrepreneur’s announcement has made the cryptocurrency shoot higher.

In an interview with a popular US TV channel, Twitter chief financial officer Ned Sega said on Wednesday that the social media platform has not made any changes yet.

Twitter had considered how it might pay vendors or employees using Bitcoin, should they ask to transact using the virtual currency.

Jack Dorsey believes ‘Internet will have its own native currency’

This came as Twitter shares were up 8 per cent after the firm beat Wall Street targets for quarterly sales and profit on Tuesday, and followed its social media peers to forecast a strong start this year as advertisement spending rebounds from a rock bottom.

Twitter CEO 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”.

In October 2020, Square Inc said it had purchased about 4,709 Bitcoins at an aggregate purchase price of $50 million.

(With inputs from agencies)

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