Palantir, an American software firm that specializes in big data, is contemplating adding Bitcoin (BTC) to its balance sheet. A report unveiled this news on May 11, citing the firm’s Chief Financial Officer, David Glazer, who shared this bullish during the company’s Q1 earnings call. Reportedly, the company is also weighing its options to see if it can integrate other cryptocurrencies into its balance sheet.
According to the report, Palantir already accepts BTC as payment from its customers, which range from the US Department of Defense and the United States Intelligence Community (USIC) to big corporations.
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The crypto community received this news well with Anthony Pompliano, a renowned BTC bull, tweeting that the firm’s decision to accept BTC payments and its consideration to add the coin into its balance sheet shows that BTC is inevitable.
Working to boost the company’s revenue
While Glazer did not disclose what Palantir intends to do with the BTC once it’s on the firm’s balance sheet, he noted that the company seeks to rake in £254.71 million in Q2. This would be a significant increase from the £241.26 million that the company made in Q1. However, by adding BTC to its balance sheet, the firm might just be able to achieve this feat, seeing as BTC’s bullish performance over the past six months has seen both retail and institutional investors make significant profits.
By embracing BTC to such an extent, Palantir could have a success story similar to PayPal’s. Happy about how dealing with cryptocurrencies have helped PayPal’s revenue increase, the company’s CEO, Dan Schulman said,
We’ve got a tremendous amount of really great results going on tactically with our crypto efforts.
BTC continues attracting more retail and institutional investors. A recent report disclosed that approximately 46 million Americans own BTC. Reportedly, this figure represents 17% of the adult population, showing that BTC is now quickly becoming mainstream.