Grayscale’s CEO, Michael Sonnenshein, announced this Tuesday on Twitter that the highly-regarded TIME Magazine is now stepping its foot inside the crypto space as it partners up with Grayscale to develop several educational videos about cryptocurrencies.
Thrilled @Grayscale is partnering w/ @TIME on a new video series coming this summer explaining the #crypto space.— Michael Sonnenshein (@Sonnenshein) April 12, 2021
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!
The announcement also noted that TIME would join the likes of Tesla and MicroStrategy in holding substantial Bitcoins (BTCs) in its balance sheets as an effective store of value assets.
Notably, TIME states that its president, Keith Grossman, would be paid in BTC instead of the traditional cash on top of enabling its subscribers to pay fees in the crypto as well. That being said, no conclusive figure is announced on how much BTC the president would receive or how much TIME intends to put in its coffers.
Early estimates, however, put TIME’s imminent BTC investment at several millions of dollars – just like the notable organizations mentioned above.
The moment TIME actually purchases BTCs, it will be the first legacy brand in media that will possess cryptocurrencies in its balance sheets, thus, fueling the speculation that other brands on the same field would follow suit.
That may be, this isn’t the first time the prominent global magazine tried its hands on getting involved with the crypto community. Prior to this announcement, TIME sold three of its legacy covers as non-fungible tokens (NFTs).