Bitcoin on Balance Sheet, TIME Magazine Agrees to Payment in BTC

TIME Magazine has partnered with Grayscale to launch a new video series covering Bitcoin and crypto-assets.

Bitcoin adoption is surging, and the latest company to join the BTC market is TIME Magazine. The company has partnered with Grayscale, the world’s largest crypto asset manager, to launch a new video series this summer to cover BTC and other digital currencies.

According to an official announcement by Grayscale CEO Michael Sonnenshein, TIME President Keith Grossman has agreed to accept Bitcoin as a payment method. TIME will also hold BTC on their balance sheet.

“Thrilled to announce that Grayscale is partnering with TIME on a new video series coming this summer explaining the crypto space. Equally as important, Keith Grossman & TIME has agreed to be paid in Bitcoin and will hold the BTC on their balance sheet. A first for our media partnerships,” Grayscale CEO mentioned on Twitter.

The world’s largest cryptocurrency is already up by more than 100% this year. As of writing, Bitcoin is trading near $60,500 with a total market cap of more than $1.1 trillion. The market dominance of BTC currently stands at around 54%.

The latest announcement from Grayscale and TIME Magazine came after MicroStrategy, the world’s largest business intelligence firm, announced yesterday that the company’s Board Members will receive salaries in Bitcoin. Jim Cramer, a well-known media personality and Founder of The Street, mentioned on Twitter yesterday that he would like to receive payments in BTC. Russell Okung, who plays for Carolina Panthers in the American National Football League (NFL), announced in December 2020 that he would like to get paid in Bitcoin. Okung received 50% of his $13 million salary in BTC.

The world’s largest digital currency is currently trading near a record high. Bitcoin has seen a drop in volatility recently. According to the latest research note published by JPMorgan, a drop in BTC’s volatility is helping its institutional adoption. Furthermore, the bank gave a long-term price target of $130,000 for the world’s largest digital asset.

(Photo: DSX Hub)

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