Palantir, an American software company that specializes in big data, is contemplating adding Bitcoin (BTC) to its balance sheet. A report broke this news on May 11, citing the firm’s chief financial officer, David Glazer, who shared this optimism during the company’s first-quarter earnings call. The company is also reportedly weighing its options to see if it can integrate other cryptocurrencies onto its balance sheet.
According to the report, Palantir already accepts BTC as payment from its clients, ranging from the United States Department of Defense and the United States Intelligence Community (USIC) to large corporations.
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The crypto community welcomed this news with Anthony Pompliano, a renowned BTC bull, tweeting that the company’s decision to accept BTC payments and its consideration of adding the coin to its balance sheet shows that BTC is inevitable.
Palantir confirmed they accept bitcoin as payment in their earnings call this morning.
They also said they are considering adding bitcoin to their balance sheet.
Bitcoin is inevitable.
– Pomp 🌪 (@APompliano) May 11, 2021
Working to boost company revenue
While Glazer did not disclose what Palantir intends to do with the BTC once it is on the company’s balance sheet, he noted that the company is looking to raise £ 254.71 million in the second quarter. This would be a significant increase from the £ 241.26 million the company earned in the first quarter. However, by adding BTC to its balance sheet, the company could accomplish this feat, as BTC’s bullish performance over the past six months has seen retail and institutional investors make significant gains.
By adopting BTC to such an extent, Palantir could have a similar success story to PayPal’s. Happy how dealing with cryptocurrencies has helped increase PayPal’s revenue, said company CEO Dan Schulman,
We have a lot of really great results tactically with our crypto efforts.
BTC continues to attract more retail and institutional investors. A recent report revealed that approximately 46 million Americans own BTC. This figure reportedly represents 17% of the adult population, showing that BTC is now rapidly becoming mainstream.