Sarah Tran
Independent Analyst
- TIME Magazine will be creating a video series in partnership with Grayscale on cryptocurrencies.
- The publisher and its CEO will be paid in Bitcoin.
- TIME will be keeping Bitcoin on its balance sheet, following the footsteps of Tesla.
Cryptocurrency fund manager Grayscale Investments has just announced that it will partner with TIME Magazine to produce a series of crypto-related videos.
TIME to keep Bitcoin
Grayscale CEO Michael Sonnenshein announced on Twitter that TIME Magazine has partnered with the investment firm to create an educational series aimed at covering cryptocurrency-related content.
TIME and its president Keith Grossman have agreed to be paid in Bitcoin. Further, the publishing company will continue to hold Bitcoin on its balance sheet instead of immediately converting the cryptocurrency into fiat.
TIME Magazine joins the likes of Tesla, which has previously announced that it has started to accept Bitcoin for the payment of their cars – and will continue to keep BTC on their balance sheet.
The legacy media brand is no stranger to the crypto world. TIME was a part of the NFT mania, selling three of its covers as non-fungible tokens (NFTs).
TIME’s decision to keep Bitcoin on its balance sheet could be the first of many prominent media brands. According to its job post, the company has been openly seeking a new CFO who is comfortable with “Bitcoin and other cryptocurrencies,” according to its job post.
This news has led to speculation of whether Salesforce, also owned by Marc Benioff, would consider keeping Bitcoin on its balance sheet as well. TIME Magazine was purchased by Benioff, the founder and CEO of Salesforce, for $190 million roughly three years ago.
Benioff invested in blockchain analysis firm Chainalysis through his investment fund TIME Ventures, indicating confidence in the crypto industry’s future.
One of the first major institutions to start keeping Bitcoin on its balance sheet, MicroStrategy made another step in its “commitment to Bitcoin” by announcing that it will pay some of its board directors in the cryptocurrency. The Nasdaq-listed firm stated that its non-employee board members would be compensated in Bitcoin.
An influx of institutions could join TIME, MicroStrategy, Tesla and Square for their approach toward holding Bitcoin. Paired with the number of major traditional banks, including Goldman Sachs and Morgan Stanley offering crypto-related products to their clients, institutional adoption of Bitcoin is evidently not slowing down anytime soon.
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