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Monday, January 30, 2023

TIME Magazine takes the plunge into Bitcoin space

Together with Grayscale, TIME Magazine wants to acquire Bitcoin. CEO Grossman will also receive his salary in BTC in the future.

Michael Saylor, billionaire and CEO of MicroStrategy, was often ridiculed for his enthusiasm for Bitcoin, some even declared the company boss to be crazy for his high investments. And yet: it has established a sustainable trend. Not only Elon Musk has jumped on the bandwagon, now TIME Magazine is following MicroStrategy’s example. Because according to a tweet from Grayscale CEO Michael Sonnenshein, TIME will produce a video series on the subject of cryptocurrencies in cooperation with Grayscale and build up reserves in Bitcoin.

Customers should then be able to pay for media content from the publisher as soon as possible via Bitcoin. CEO Keith Grossman will also be paid in BTC in the future. The magazine will not exchange the Bitcoin, which will then land on the TIME balance sheet, but will keep it as a reserve asset.

With this, TIME is not only following MicroStrategy, but also the Tesla model. The US carmaker announced at the end of March this year that it would be selling its electric cars for BTC as well and not wanting to exchange the proceeds for US dollars .

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With Grayscale, the media company has one of the biggest players in the crypto space at its side. With the Grayscale Bitcoin Fund, the company operates the most financially strong crypto fund ever. The company currently holds around 654,885 BTC worth $ 39 billion.

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