Another corporate giant joins the Bitcoin bandwagon.
Palantir Adopting Bitcoin
Palantir, the billion-dollar data analytics firm chaired by Peter Thiel, has reportedly revealed it accepts Bitcoin as a form of payment.
CNBC reported on the Palo Alto firm’s Q1 2021 earnings call Tuesday, in which Palantir reported $341 million revenue and 49% growth. Adjusted earnings per share hit 4 cents.
The big talking point for cryptocurrency enthusiasts, though, has been the company’s stance on Bitcoin. In an earnings call, Palantir confirmed that it was considering adding Bitcoin to its balance sheet. It then added that it accepts Bitcoin as a payment option.
Though it’s Palantir’s first hint of a move into the crypto space, it may not come as a surprise to many. Thiel, who co-founded PayPal, has been known for his interest in the space, recently declaring that Bitcoin could become “a Chinese financial weapon.” He also backs the stablecoin project Reserve Protocol. On top of that, 2021 in crypto has been partly defined by the number of large companies adopting Bitcoin. In February, Tesla revealed it had purchased $1.5 billion worth of the digital currency. It also started accepting Bitcoin as a payment option for its electric cars. Many other big players, including investment banks and insurance firms, have invested as interest in cryptocurrencies grows.
Palantir provides software and analytics tools for a variety of large entities, including the U.S. government and police departments. It currently has 149 customers. Its technology has been the subject of controversy and is sometimes described as “unethical.” It went public on the New York Stock Exchange last September, hitting a valuation of $16.5 billion. Its share price has shot up since then, with the firm now valued at $30.44 billion.
Disclosure: At the time of writing, the author of this feature owned RSR and several other cryptocurrencies.