Twitter, Mastercard Jumps on the Bitcoin Bandwagon

Jafrin  |  Feb 11, 2021

Interest in Bitcoin has accelerated once again in recent weeks as Elon Musk’s Tesla announced last week of a $1.5 billion investment in the cryptocurrency. The move resulted in the price of the flagship cryptocurrency soaring above $47,000. Following Tesla’s announcement, Mastercard revealed their plans for cardholders for transacting in certain cryptocurrencies. Meanwhile, Twitter considers adding bitcoin to its company reserves, according to its chief financial officer Ned Segal.

Mastercard Integrating Cryptocurrency to Its Payment Networks

Mastercard has announced plans on integrating cryptocurrency into its payment networks. The international payment firm is considering giving preference to stablecoins. The company is currently active in engaging with global central banks to help launch CBDCs.

Mastercard has already formed partnerships with cryptocurrency payment companies such as Wirex and Bitpay to launch crypto cards in the past. However, the firms themselves were converting the cryptos to fiat currencies from their end as third party players. The latest news emphasizes Mastercard enabling cryptocurrencies to move within their own network without any intermediaries.

No clarification was provided on which cryptocurrencies will be allowed on their payment network. The payment giant did emphasize looking for those digital assets that offer reliability and security such as stablecoins.

Twitter Considering Adding Bitcoin to Its Balance Sheet

Meanwhile, Twitter’s chief financial officer Ned Segal recently appeared on CNBC’s Squawk Box saying that the social media platform is considering adding Bitcoin to its balance sheet. He even said in the interview that the platform is continuing to study and look at incorporating the leading cryptocurrency into its finances.

Twitter adding Bitcoin to its balance sheet doesn’t come as a surprise as CEO Jack Dorsey has long been a proponent of the cryptocurrency. He is also the CEO of Square that allows payments to be made in cryptocurrencies. In October 2020, Square even purchased $50 million worth of bitcoin, representing approximately 1% of the firm's total assets.

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