TIME magazine agreed to be paid in Bitcoin.
The acclaimed media company partnered with Grayscale to produce some educational crypto content and will be paid in BTC.
Major Signals
- TIME magazine teamed up with Grayscale to create videos on crypto assets.
- TIME and its president, Keith Grossman, agreed to be paid in Bitcoin.
- The company recently posted a job opening on LinkedIn for a Crypto-savvy Chief Financial officer.
- It will be the 33rd publicly held firm to have Bitcoin on its balance sheets.
Renowned New York-based publication TIME magazine has teamed up with institutional fund manager, Grayscale. This is to create an informative series of videos on cryptocurrency assets.
Grayscale's CEO, Michael Sonnenshein, revealed the collaboration in April. He also announced that TIME and its president, Keith Grossman, would be paid in Bitcoin.
The media publication was founded in 1923 and had a total circulation of 1.6 million. It recently started reporting on crypto news. In March, it was part of the NFT craze and dropped some tokenized magazine covers. It's January 1959 cover fetched about 135 ETH worth almost $250,000 as of March 30th. Justin Sun also bought one of these tokenized magazine covers for 117 ETH.
The company also recently posted a job opening on Linked In. It was an opening for a Crypto-savvy Chief Financial officer to "help guide the company's transformation."
TIME will be the 33rd publicly held firm to have Bitcoin on its books. TIME follows the likes of Microstrategy, which has invested heavily in Bitcoin, and Tesla, which bought $1.5 billion worth of Bitcoin in January.
Grayscale's Net Assets under Management is worth over $46 billion currently. With over 97% of these assets being held in bitcoin and ethereum. Other Altcoins like NCH, LTC, LINK, BAT, MANA, etc., all make up the institutional manager's crypto assets portfolio.
Conclusion
This agreement represents a major collaboration between conventional and crypto giants. Time is one of the biggest media companies there is around, and they agree to be paid in cryptocurrency signifies that bitcoin has begun crossing the threshold of mainstream adoption.
This is good news for bitcoiners. It's a sweet example of the mainstream adoption of cryptocurrency in the media. In the future, there is the possibility of seeing cryptocurrency adopted as a means of exchanging goods and services properly or being used as a store of value like gold.
Of course, a lot depends on governments, central banks, and regulatory bodies who could now implement policies that could be a cog in the wheel of Bitcoin's progress.
But many believe that Institutions like Grayscale, Tesla, and other institutions having a stake in BTC might mean that there would be some stability if not caution in the future policies for bitcoin.
Question of the day
What do you think about TIME magazine's crypto move? Let us know in the comments.
