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Twitter Considers Paying Its Staff, Vendors In Bitcoin

Blockchain

News

Feb. 11, 2021, 12:10 p.m.

Social media company Twitter has disclosed that it has considered how it might pay employees, vendors in bitcoin.

The decision to pay workers in bitcoin came two days after Tesla disclosed it had invested $1.5 billion in the cryptocurrency.

In an interview session with CNBC, the chief financial officer of Twitter, Ned Segal stated that the social media giant is also looking to pay its employees in Bitcoin as long as they request such an option.

“We have done a lot of the upfront thinking to consider how we might pay employees should they ask to be paid in bitcoin (BTC, -3.53%), how we might pay a vendor if they asked to be paid in bitcoin, and whether we need to have bitcoin on our balance sheet,” he said.

Ned Segal added that the company was also studying closely what other companies do to see what can be learned from them.

After Tesla's announcement, there was intense speculation about whether other companies would follow.

The price of Bitcoin shot up in the aftermath, reaching a new high. Companies that had already invested in the cryptocurrency also saw their stock surge.

Twitter CEO Jack Dorsey is a well-known advocate of Bitcoin and his other company, the payments platform Square, invested $50 million in bitcoin back in October.

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Verny Joy Author

Verny loves to write poetry, fiction and quotes. Her love for writing landed her in journalism. She loves gadgets and travelling to explore new places.

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