Twitter’s Chief Financial Officer (CFO), Ned Segal, said that the company will continue to analyze and pay attention to the potential uses of digital cryptocurrencies. Presently, the company is not ruling out the possibility of using Bitcoin to pay employees’ salaries and business services. According to him, Twitter is thinking ahead of time.
If employees ask to use Bitcoin to pay their salary, how will Twitter get Bitcoin to meet this request. The company needs to reserve some bitcoins in advance to prepare for this. He also said, “We have been thinking about this issue, but no decision has been made yet.”
Twitter’s CEO, Jack Dorsey, is a Bitcoin enthusiast. He recently bought about $50 million worth of Bitcoin. Also, Elon Musk, CEO of Tesla company recently spent $ 1.5 billion to buy Bitcoin and said that it can allow customers to pay with Bitcoin.
The Twitter CFO also stated that one of the key issues they are considering is how to buy Bitcoin in the name of the company, and how to convert it to U.S. dollars during transactions. In addition, it is necessary to decide whether to include the statistical item of Bitcoin in the financial account.
Is Bitcoin Reliable?
Tesla also warns that the value of digital assets may continue to be highly volatile, which brings risks and uncertainties. In addition, it is an emerging trend and it is impossible to predict the acceptance of investors, consumers, or companies. The lack of physical form, and the reliance on various establishment and transaction verification technologies, or the decentralized nature, maybe maliciously attacked or face technical obsolescence problems. This may cause financial damage to the company.
Tesla founder and CEO Elon Musk have never hesitated to publicly support cryptocurrencies. He added the hashtag #bitcoin to his Twitter profile at the end of January. It caused Bitcoin to rise by 15.5%. A Dogecoin, established in 2013, was also fueled by Musk. It rose from about $0.003 in November last year to $0.82 this week, an increase of 2723%.
Why Do People Trust Bitcoin More Now?
There is a saying in China, ‘Collect antique in times of prosperity while buying gold in times of trouble’. In fact, when the economy is not good, people will buy gold to seek the preservation of their assets. With Bitcoin, they have more choices.
Regarding the question of whether Bitcoin has such a profound value, we do not need to discuss it again. The key is that the mechanism of Bitcoin makes it more attractive than traditional gold.
First of all, Bitcoin has a fixed amount. So there is no problem of inflation caused by spamming money. Secondly, Bitcoin can be used in more ‘free’ transactions and has the characteristics of privacy or anonymity.
Although many countries currently do not recognize Bitcoin, and there have been many dark sides surrounding Bitcoin, the charm of Bitcoin has attracted the attention of more institutions and capital around the world, as long as there are huge profits.
Therefore, the industry has also begun to generally expect that Bitcoin will gradually ‘turn positive’ in the future. The more funds injected, the higher the value of a single currency.