TIME Will Invest In Bitcoin and Partner With Grayscale
TIME Magazine is taking further steps toward crypto adoption, as revealed today by Grayscale CEO Michael Sonnenshein.
Three Big Announcements
Sonnenshein noted that the company is taking three actions. First, TIME is partnering with Grayscale to release a series of educational videos, which will be broadcast this summer.
Second, TIME as a company will hold Bitcoin on its balance sheet. That means the firm is making an investment similar to those made by Tesla and MicroStrategy in recent months.
Finally, Keith Grossman, who has served as the president of TIME since July 2019, will be paid in Bitcoin.
Sonnenshein did not say how much Bitcoin TIME intends to purchase, or how much Grossman will be paid. However, it seems likely that the firm will make a multi-million dollar investment.
TIME’s Other Efforts
This is one of several cryptocurrency-related announcements that TIME Magazine has made over the past month.
Beginning in March, TIME turned several of its classic magazine covers into NFT tokens and auctioned them on the trading site OpenSea. One of the covers in TIME’s second series of NFTs was purchased for $200,000 by TRON CEO Justin Sun.
TIME has also announced that it will accept Bitcoin payments for subscriptions and that it is hiring a CFO familiar with Bitcoin.
At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.