Twitter may use Bitcoin for transactions: Top officer

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

There was an option to have bitcoins ready for the transaction if you wanted them on your balance sheet.

A few days after Elon Musk’s Tesla Inc., the parent company of SpaceX, revealed that it had purchased $1.5 billion in Bitcoin and would begin accepting it as payment for cars, social media giant Twitter Inc. is considering whether or not it should hold any Bitcoin on its balance sheet at this time..

The social media giant has yet to implement any changes.

Nevertheless, the billionaire entrepreneur’s announcement has pushed the cryptocurrency up in value.

CFO Ned Sega of Twitter said on Wednesday that the social media platform has not yet undergone any changes in an interview with a popular US TV channel.

Should Twitter’s vendors or employees request payment in Bitcoin, Twitter had considered how it might handle the transaction.

“Internet will have its own native currency,” says Jack Dorsey.

Twitter shares rose 8 percent on Tuesday after the company beat Wall Street expectations for quarterly sales and profit and forecast a strong start to the year as ad spending recovers from a rock-bottom position.

A well-known Bitcoin enthusiast, Twitter CEO Jack Dorsey also serves as the CEO of payments company Square Inc. He has previously stated his belief in the “existence of an Internet-based native currency.”

Square Inc. announced in October 2020 that it had paid $50 million for approximately 4,709 Bitcoins.

Agencies’ inputs were incorporated into the final product.

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