Palantir to Accept Bitcoin for Services, Considers Keeping BTC on Its Balance Sheet – Finance Bitcoin News
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Bitcoin has been accepted as a payment method in the past but very few companies have kept their Bitcoin on their balance sheet, with one of the companies who did this being the giant Palantir. The company is now looking into storing Bitcoin on its balance sheet, which is something that they are going to consider.
Palantir Technologies, a software and services company that is known for helping various government agencies with data analysis and visualization, has reportedly decided to accept payments in the form of Bitcoin. This move comes after the company’s analysis of the blockchain technology which supports Bitcoin. Senior executives at the company claim that they see long-term potential in the blockchain and they want to help by accepting payment in the cryptocurrency.
Palantir Technologies, an American software development company specializing in Big Data analytics and backed by Peter Thiel, announced Tuesday that it plans to accept bitcoin for its services. Moreover, like many other companies that accept and store bitcoins, Palantir plans to keep the asset on its balance sheet.
Palantir steps into the crypto economy
Palantir Technologies announced on Tuesday that it would accept bitcoin as a payment method for its customers, according to a report by Reuters. The report follows the release of Palantir’s first quarter results and states that Palantir plans to keep the bitcoins it has earned.
Palantir confirmed at an earnings conference this morning that it accepts bitcoin as a means of payment.
They also said they are considering adding bitcoin to their balance sheet.
Bitcoin is inevitable.
– Pomp (@APompliano) 11. May 2021
The company is backed by investor Peter Thiel, who co-founded the company in 2003 and was its largest shareholder until 2014. The name of the company is taken from the title of the Lord of the Rings book series, as the stones are called Palantire in the book. Palantir’s software and data analytics are now an integral part of the company’s two largest customers, the US Department of Defense and the US Intelligence Community (USIC).
The company announced its first quarter results and reported a 49% increase in revenue for the first quarter. Palantir said it expects another $360 million in revenue in the second quarter, which is higher than the estimate in a recent survey by Refinitiv.
Financial weapons and highly controversial investments
Thiel has been a supporter of digital assets for some time, stated in 2018 that he is long bitcoin and believes institutional investors will eventually get into the crypto economy. That same year, the co-founder of Paypal pointed out that bitcoin was a highly controversial investment. Thiel recently spoke about China’s use of bitcoin (BTC) as a financial weapon against the United States.
Speaking about the US in terms of blockchain innovation, Thiel said:
I don’t think we will be at the forefront of this, where an authoritarian regime like China sees almost all the benefits in having the ability to spend or withdraw money.
Palantir’s use of bitcoin has been praised by crypto-currency advocates on social media, and discussions about the company’s holdings have become trending. It seems to me that this is only good for business, regardless of motive, said one of the many commentators.
What do you think of the announcement that Palantir will accept bitcoin as payment from its customers and eventually hold the crypto asset? Let us know what you think in the comments below.
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Bitcoin adoption, Bitcoin, Bitcoin (BTC), bitcoin adoption, China, crypto currency proponents, crypto assets, data analytics, Deeply Contrarian, financial weapons, Palantir, Palantir Technologies, Peter Thiel, first quarter results, software, United States
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