Twitter Considering Payments Via Bitcoin; How Will It Impact Cryptocurrency Trading?

Cryptocurrency seems to be the latest talk of the town. After Tesla announced its investment in Bitcoin cryptocurrency, Twitter is also considering using Bitcoins as payments. The tip comes from Twitter's Chief Financial Officer Ned Segal, who said the microblogging platform is considering paying employees and vendors with cryptocurrency, particularly Bitcoin.

Twitter Payments With Bitcoin

Twitter CFO Segal, during a conversation with CNBC, dropped the hint of using Bitcoins for Twitter transactions. He said that the company is reviewing the potential use-cases of Bitcoin and payments in the form of cryptocurrency. Segal further suggested that Twitter is considering if the platform needs to have a digital asset as part of its financial transactions.

To note, Twitter's interest in the popular cryptocurrency platform comes only a few days after Tesla invested USD 1.5 billion in Bitcoin. Moreover, Tesla CEO Elon Musk has been supporting Dogecoin, whose value has been surging over the past few days. It looks like other companies could be following suit with Bitcoin payments and investments.

"We've done a lot of the upfront thinking to consider how we might pay employees should they ask to be paid in #bitcoin, how we might pay a vendor if they asked to be paid in #btc and whether we need to have #btc on our balance sheet," says @NedSegal $TWTR. pic.twitter.com/KjIgnqDmYC

— Squawk Box (@SquawkCNBC) February 10, 2021

Impact On Cryptocurrency Trading

Presently, buying or transacting via Bitcoin or any other cryptocurrency is yet to gain momentum. Several firms and individuals find Bitcoin transactions profitable but are afraid of the fluctuations in the market value. Governments have raised concern over the misuse of cryptocurrency. In India, a new bill is under development to ban all private cryptocurrencies.

That said, cryptocurrency trading has been slowly rising, including in India. From buying Dogecoins and investing in Bitcoin, a lot of people are looking at cryptocurrency as a new way of investment. For all we know, it could become the new wave of payments and transactions, although, it could take several years.

To note, other firms have also shown interest in Bitcoin and cryptocurrency trading. Mastercard has also announced its plans to allow cardholders to transact in select cryptocurrencies. The company is reportedly in discussion with several central banks around the world to bring in new digital currencies. But with countries being skeptical, this could take a while to see the light of the day.