Main navigation

Facebook Quashes Rumors About Holding Bitcoin on Its Balance Sheet

News
Thu, 04/29/2021 - 04:36
article image
Alex Dovbnya
Facebook has purchased a whopping 0 Bitcoin, debunking social media rumors
Facebook Quashes Rumors About Holding Bitcoin on Its Balance Sheet
Cover image via stock.adobe.com
Read U.TODAY on
Google News

Facebook hasn’t announced a massive Bitcoin purchase that many were expecting during its earnings call.

As reported by U.Today, multiple Twitter accounts started posting about the social media giant possibly holding BTC on its balance sheet. The unconfirmed rumor even made it to Fox Business on Apr. 28.      

Fox Business
Image by twitter.com

Related
New Facebook Leak May Make You Regret Liking Pages About Cryptocurrencies
Alas, while crushing earnings estimates due to strong ad revenue, Facebook never dropped the Bitcoin bombshell that the community was hyping up over the past few days.       

With a market cap of $876 billion, it would be the biggest company to add the top cryptocurrency to its balance sheet, potentially opening the door to broader corporate adoption.   

In February, e-car maker Tesla became the first S&P 500 member to embrace Bitcoin, and other major companies were expected to follow suit.   

Even though it steers clear of Bitcoin, for now, the social media behemoth is not new to crypto. Diem, which is the watered-down version of the shelved Libra stablecoin, will be reportedly piloted by the Facebook-backed Diem Association later this year.

CEO Mark Zuckerberg publicly expressed his interest in cryptocurrencies for the first time in January 2018.

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.