Time Magazine joins other companies in holding Bitcoin on balance sheet

Time Magazine will accept Bitcoin as payment and plans to make an educational video series on cryptocurrencies.

Michael Sonnenshein, the CEO of Grayscale, announced today via Twitter that Time Magazine has partnered with Grayscale to create a new educational crypto video series. The series will be made by the nearly 100-year-old publication and is set to come out this summer.

Time, as well as Time’s president Keith Grossman, will be paid in Bitcoin and the company will continue to hold Bitcoin on its balance sheet. The company will now join the likes of MicroStrategy (MSTR), Tesla (TSLA), Square (SQ) and others who hold Bitcoin on their balance sheets as a store of value assets.

Three weeks ago the company posted a job for a new CFO. The job post asked for “comfort with Bitcoin and other cryptocurrencies” in its list of qualifications showing that the company may have already had some intention of Bitcoin exposure in the near future.

Time also recently sold three of its covers as NFTs, showing further involvement in the crypto industry.

Time represents the first legacy media brand that will hold Bitcoin, and many are wondering what the implications of this move are. Tyler Winklevoss, founder of Winklevoss Capital Management and Gemini cryptocurrency exchange, said that it was still too early for cryptocurrency to become a more common financial asset for businesses since only 32 out of over 40,000 publicly-traded companies have Bitcoin on their balance sheet:

 Image: David McBee

About David Carrigan

David Carrigan writes about advanced technologies, covering primarily the topic of blockchain application in business.

View all posts by David Carrigan →