Time Magazine To Put Bitcoin On its Balance Sheet
Time Magazine plans to put Bitcoin on its balance sheet, and the magazine and its president Keith Grossman will be paid in Bitcoin, according to Grayscale CEO Michael Sonnenshein.
Time has partnered with leading Bitcoin investment firm Grayscale, who are set to collaborate on a series of educational cryptocurrency videos.
The announcement was made by Sonnenshein, who tweeted only headlines of the news, so it’s still not clear how much Time Magazine will invest in Bitcoin, or how much Time or its president will be paid in Bitcoin either.
Time Magazine has partnered with Grayscale Investments and will release the educational videos later this year.
It’s believed that Time will invest in Bitcoin, too, and payments for the partnership with Grayscale will be in Bitcoin, which the company will hold on its balance sheet.
Added with Time president Keith Grossman being paid in Bitcoin, whether its part or all of his income is still unclear.
That said, the fact that one of the world’s most recognizable companies is willing to accept Bitcoin as a means of payment is wildly bullish, and shows how interested Time Magazine is in Bitcoin and the digital asset space.
Time Magazine Making Big Strides In The Bitcoin Space
This is another move from Time into the Bitcoin and digital asset space. Last month the 98-year old magazine announced that it would start accepting Bitcoin as payment for subscriptions, and that it was looking to hire a new CFO whose part job requirements would be a ‘comfort with cryptocurrencies’.
Time Magazine is famous for its front covers, which is already monetised and earning seven figures. But of course, Time isn’t standing still and sees the NFT space as somewhere it can capitalise its brand.
Last month Time began exploring ways it could monetise its brand. It had prominent Bitcoiner Anthony Pompliano and Shark Tank billionaire Mark Cuban as advisors, both of whom are bullish on the NFT space.
Time Magazine trialled four of its covers and turned them into NFTs and auctioned them off on NFT marketplace SuperRare.
Time’s infamous ‘Is God Dead?’ and ‘Is Fiat dead?’ front covers were two of the NFTs and it’s believed that all four sold for a total of 276 ETH, which was around $446,000 at the time.
Time Magazine making strides into the Bitcoin and digital asset space is no surprise, even if it is exciting news.
But the iconic magazine accepting Bitcoin as payment and its president Keith Grossman accepting his salary in Bitcoin is another leap forward.
It has always been only a matter of time for Bitcoin, and now it is Time.