As per Ned Segal (Chief Financial Officer), it gives light on Twitter that is planning to add bitcoin as a part of its reserves.
On Wednesday, Segal came up with a statement in front of CNBC’S Squawk Box that Twitter, a mega-giant in the social media network is considering options available for payment with the presence of cryptocurrency at the top in the market cap.
“We have put ample efforts in speculating forthrightly on planning how it is effective to release payment in employees’ accounts, how to release payments for vendors if they inquire about getting paid with the most famous cryptocurrency, i.e., bitcoin. Also, is there any need for us to maintain bitcoin within our accounting reports or balance sheets,” he added.
The company is not willing to drop any opportunity phased out and is aiming to avail complete advantage of the competitive scenario. The CFO showed interest to look and analyze about steps taken by other businesses. He said that we act as a team in keeping a close monitor over other businesses and see their efforts to learn something and move ahead with effective steps. Learning from other businesses can give an idea about risks and other threats prevailing in the business environment.
Within recent time, a lot of news prevailed around bitcoin investment. Many well-developed firms started taking interest in Bitcoin. MicroStrategy firm also invested in bitcoins as a cryptocurrency taking the edge to combat inflation and manage the degrading value of the U.S. dollar. Bitcoin entered in the glam light with many businesses shifting towards it and investing in it as a support to eliminate economic downtimes. In the Monday report, a highly-reputed Fortune 500 firm “Tesla” was in the highlight for investing about $1.5 billion in the top-ranked cryptocurrency, bitcoin.
Remarks from Sehal were something as everyone expected and didn’t explode like a surprise in the ears. Jack Dorsey (CEO Twitter) is a prominent person that is linked with bitcoin as he’s among the bitcoin supporters. Dorsey is also in the highlights for heading Square additionally from Twitter. One might also have heard about him having indulged in getting hands over purchasing and selling cryptocurrency service at the well-established Square. Additionally, he’s in the glam light for framing “Square Crypto,” a small group handling the operations to take ahead development of bitcoin.
On Wednesday, it was glad news to hear about Twitter. The blockbuster notification showed light on shares of Twitter that went up at 11.67% ranging about $66.88 at publication time.