Updated 22 Apr, 2021

TIME Magazine – Adds BTC to Balance Sheet, Accepts BTC as Payment

TIME Magazine

 

Key Takeaways:

  • TIME Magazine to start video series on crypto
  • The publisher announced it accepts bitcoin as payment

TIME Magazine to start video series on crypto

Bitcoin’s mainstream adoption continues to cover a growing number of traditional companies. Increasing demand for the asset is sweeping across industries. TIME Magazine is the latest notable example of a company to join the Bitcoin movement. The publishing company has partnered with Grayscale Bitcoin Trust. This is the world’s biggest crypto asset manager with over $35bn in bitcoin. The partnership aims to launch a new video series this summer that will cover Bitcoin and cryptocurrency news.

“Thrilled Grayscale is partnering with TIME on a new video series coming this summer explaining the crypto space,” Grayscale CEO Michael Sonnenshein said on Twitter. “Equally as important, Keith Grossman & TIME has agreed to be paid in Bitcoin. It will hold the BTC on their balance sheet. A first for our media partnerships,” he concluded. TIME CEO Keith Grossman retweeted the news, celebrating the partnership.

What other non-crypto companies added bitcoin to its treasury?

TIME’s announcement to begin holding bitcoin in its balance sheet will not be the first occasion of a non-crypto company adding bitcoin to its treasury. Square, a payments company, has been holding bitcoin as part of its assets for a few years. It still remains committed to that strategy. Cloud software firm MicroStrategy also helped popularize the approach by regularly building on its bitcoin holdings.

The electric car maker Tesla is so far the biggest company to add bitcoin to its balance sheet and even accept it as payment for its vehicles. Tesla purchased $1.5bn worth of bitcoin in February. The company has announced that bitcoin payments received for car purchases will not be converted to fiat currencies such as the US dollar.

So it seems that more companies are taking steps towards bitcoin adoption. This is how the digital asset has been growing both in size and popularity. The world’s largest token recently surpassed a valuation of $1.2tn, breaking above $64,000 in mid-April.