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Twitter shares jumped 15% after the company announced that it is considering adding Bitcoin to its balance sheet


Twitter's CFO Ned Segal recently announced that the social media services company is considering adding Bitcoin to its balance sheet during an interview with CNBC. The company can even pay its staff using Bitcoin, according to Segal.

"We have thought a lot from the beginning to consider how we could pay employees if they request to be paid in Bitcoin, how we could pay a provider if they request to be paid in BTC, and whether we need to have BTC on our balance sheet."

This comes on the heels of Tesla invested $ 1.5 billion in the asset just three days ago. Tesla is said to have become a pioneer through investment that will likely attract other major companies to invest in the major cryptocurrency.

However, Twitter's decision to buy Bitcoin will not come as a surprise, considering its CEO Jack Dorsey is a well-known Bitcoin fan and his other company, Square, is also significantly involved with Bitcoin.

Twitter shares rise 15% after the news

Shortly after Twitter announced that it could add Bitcoin to its balance sheet, the company's shares were up 15% on CBOE. This could be an indication of increased confidence in the company, as more investors may be betting on the shares due to the recent announcement.

TWTR chart
TWTR chart via TradingView

The next increase could be the bitcoin price, as this type of development has often led to an increase in price. Tesla's investment gave Bitcoin a boost that took it to a new all-time high of $ 48,000, and Twitter could have the same impact if it finally decides. buy bitcoin and use it to pay your staff as well.

After the Tesla push, the price of Bitcoin fell back to $ 44,500, critical support that must be held for the price to rebound. With the growing demand for Bitcoin By major companies, analysts expect all major companies, including those in the Fortune 500, to hit the asset soon and the price could rise to new and higher highs in 2021 and beyond.

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