Twitter CFO Ned Segal appeared on CNBC to talk about the recent frenzy around Bitcoin post-Tesla’s $1.5 billion purchase. Segal during the interview revealed that their company is currently considering a lot of things around Bitcoin that include paying employees salary in Bitcoin, giving merchant salary in Bitcoin, and also adding Bitcoin to their company’s balance sheet.
"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 if they asked to be paid in #btc and whether we need to have #btc on our balance sheet," says @NedSegal $TWTR. pic.twitter.com/KjIgnqDmYC
— Squawk Box (@SquawkCNBC) February 10, 2021
Tesla’s Bitcoin investment has given rise to a lot of speculations around other multi-billion dollar institutions joining the bitcoin league. Some rumors suggest Oracle could be the next institution and now Twitter CFOs comments are only going to fuel the speculations further.
Twitter CEO Jack Dorsey is a known Bitcoin proponent and his other venture Square Inc. is also invested in Bitcoin heavily, thus Twitter adding Bitcoin to their company’s balance sheet could not be a big surprise. Dorsey has been an advocate of Bitcoin as the future of internet money and see it as a key part of the future financial system.
$25 Billion in Institution Money Expected to Flow into Bitcoin
Institutions are hurrying into buying bitcoin post third halving of the block reward realizing the scarcity of the asset. Microstrategy started the institutional rush when it made the first bitcoin purchase back in August 2020 and since then it has bought bitcoin worth $1.5 billion. 2021 saw Microstrategy organize a Bitcoin conference attended by more than 1400 CEOs. MicroStrategy CEO revealed that NYDIG’s Ross Stevens estimated that total institutional inflow in 2021 would be around $25 Billion.
Today we will be interviewing 10 of the most influential leaders in the #Bitcoin marketplace live. Yesterday I was shocked by @NYDIG Ross Stevens' estimate of $25 billion in institutional $BTC assets by year end. Now I am wondering if anyone might beat that? Join us & find out.
— Michael Saylor (@michael_saylor) February 4, 2021
Tesla became the first company to invest $1.5 billion post the projected institutional inflow. Now the likes of Oracle and Twitter also look set to join their leagues. It is also important to note that these institutions are not merely buying Bitcoin to sell it at a higher price, rather using it as a treasury reserve asset.