Time for Plan B: TIME Magazine To Hold Bitcoin Via New Grayscale Media Partnership

Grayscale Investments, the world’s largest digital currency asset manager, has completed a partnership deal with Time Magazine, according to a tweet made by the company’s CEO, Michael Sonnenshein.

Thrilled @Grayscale is partnering w/ @TIME on a new video series coming this summer explaining the #crypto space.

Equally as important, @KeithGrossman & @TIME has agreed to be paid in #Bitcoin – and will hold the $BTC on their balance sheet. A first for our media partnerships!

— Michael Sonnenshein (@Sonnenshein) April 12, 2021

Time Magazine will create a new educational cryptocurrency video series, which is set to roll out this summer, for the investment platform. Both the news platform and its president, Keith Grossman, will receive payments in Bitcoin to hold on its balance sheet.

By agreeing to this partnership and the method of payment, Time Magazine has become the first legacy media brand that will hold Bitcoin, leading to different speculations from people on the implications of the big move the company has taken. 

Time Magazine is based in New York City. It made its first appearance on March 3, 1923, at almost 100-year-old now, led by co-founder Henry Luce. The news magazine has different editions that are country-based.

Time’s European edition is known as Time Europe, an Asian edition known as Time Asia, the South Pacific edition, and a Canadian advertiser edition which is no longer in existence. Formerly it was published weekly, but as of 2021, it was published once every two weeks.

The latest move by the agency is not surprising as it has shown interest in Bitcoin weeks back. In a post for the job of a new CFO, the company mentioned “comfort with Bitcoin and other cryptocurrencies” as one of the qualifications for the position.

Companies HODLing Bitcoin

Time Magazine, like some companies, has taken the bold step of adding Bitcoin to their balance sheets.

One of these companies is independent publicly traded business intelligence company MicroStrategy. The company not only has a total of 91,579 BTC worth about $2.226 billion but also its Board of Directors now uses bitcoin to compensate non-employee directors.

Electric car company Tesla, after making its ground-shaking Bitcoin purchase worth $1.5 billion, now accepts bitcoin as payments for the company’s products bought.