One of the world’s oldest news houses has taken a step to embrace Bitcoin. Time Magazine, which is the online-based publication of Time, has signed a contract with one of the world’s largest investment funds, Grayscale.
Having been founded way back in 1923 and survived the various global turmoils of the last century, Time is evidently a survivor business managed by people with sharp acumen. The decision to embrace crypto in a profitable way adds to that long-time record.
Interestingly, the partnership between Grayscale and Time Magazine doesn’t involve a lot of work for any of them. Time Magazine will be tasked with producing and airing a crypto-focused video series on its platform. These videos will mainly be educational, covering the various aspects of the crypto world.
Basically, Time Magazine will be using videos to popularize cryptos. For that, it will receive payments from Grayscale in Bitcoin. Executives of the two companies are already excited about the possibilities that lie ahead as the crypto market gets introduced to a whole new business model.
BTC on balance sheet?
While announcing the news to the world via a tweet, Grayscale CEO Michael Sonnenshein intimated a rather interesting detail about the deal. Apparently, besides Time Magazine accepting payments in Bitcoin, the publication is also open to the idea of including the crypto payments in its balance sheet instead of converting it into fiat.
With that, the company joins tens of other popular companies that have embraced cryptos as part of their business models. Recently, Tesla invested about $1.5 billion in Bitcoin, a timely investment that has since doubled in value. Others include Grayscale itself, Twitter’s Square, BlackRock, and MicroStrategy.
What it means for Bitcoin
This latest development points to an already growing sentiment that Bitcoin is finally achieving true global acceptance. Of late, the crypto has been a very ripe investment option of choice for many crypto entrants, especially institutional funds and “big-money” investors. The inflow of more money into the market continues to create more demand for the crypto and ultimately trigger an upward price mechanism. This has seen BTC achieve the price highs of over $60k, way from the $30k value it posted at the beginning of the year. On April 13th, Bitcoin set a new ATH of $63,742, smashing the previous one that had set in at around $61k.
The rise of corporate attention focused on Bitcoin is a clear indicator that despite the lack of clear legal regulations to govern the industry, the crypto’s potential is evident to everyone. Even some investors who have been bashing BTC for years have jumped ship to put money on it.
Time and the NFT business
The recent deal with Grayscale isn’t the first time that Time is getting involved with cryptocurrencies. Back in March, as NFTs (Non-Fungible Tokens) became popular, Time sold some NFTs in form of magazine covers, with one of them scooping up 135 ETH with estimated value of around $250,000 on the market.