Twitter’s Finance Director, Ned Segal, said in an interview:
We thought long ago how we can pay employees if they request a payment in bitcoin, how we can send a payment to a seller if they want it to be paid in bitcoin, and whether we need to have Bitcoin on it. For this, BTC must be on the balance sheet. We hope to address this more over time, but we haven’t made any changes yet.
Twitter and Tesla: How much will they invest?
As of 2019, Twitter was locked down with $ 4.8 billion in short-term investments and held nearly $ 2 billion in cash. By contrast, Tesla had $ 6.5 billion in cash in 2019 and nothing short of short-term investments, giving them the freedom to buy $ 1.5 billion worth of Bitcoins. As such, Twitter’s investment will be much less than Tesla’s. However, this is another tick in the Bitcoin column to add more credibility to its rise as a legal diversifier.
Jack Dorsey and Bitcoin
Square, founded by Jack Dorsey, invested $ 50 million in bitcoin, which accounts for about 5% of $ 1 billion in cash assets and has short-term investments of nearly half a billion. Following the Bitcoin investments, Amrita Ahuja, Square’s Finance Director, said:
We believe Bitcoin has the potential to become a more common currency in the future. As adaptation increases, we intend to learn and participate in a disciplined way. For a company that develops products based on a more inclusive future, this investment is a step in this journey.
Dorsey believes that Bitcoin will one day become the world’s “single currency” and aims to make Square easily accessible with the Cash App. Plus, it looks like it has recently launched its own Bitcoin node to help verify transactions and blocks on the network. Last Friday, he posted a picture on Twitter showing that his node is in motion and synchronized with the bitcoin blockchain.