Palantir Technologies, the Peter Thiel-backed, American software company specializing in big data analytics, announced Tuesday that company plans to accept bitcoin for services. Further, like a variety of corporate entities that are accepting and holding bitcoin, Palantir is considering keeping the asset on its balance sheet.
Palantir Enters the Crypto Economy
On Tuesday, Palantir Technologies announced the firm would accept bitcoin as payment from customers, according to a report published by Reuters. The report followed Palantirâ€™s earnings statements from Q1, and claims Palantir is considering holding the bitcoin it earns.
The business is backed by the investor Peter Thiel, who cofounded the company in 2003 and was the largest shareholder until 2014. The companyâ€™s name stems from the Lord of the Rings series, in an acknowledgment of the bookâ€™s â€œseeing-stonesâ€ called â€œpalantÃri.â€ Palantirâ€™s software and data analytics have been integral to the firmâ€™s two largest clients, the United States Department of Defense and the United States Intelligence Community (USIC).
The company released its first-quarter earnings, with a reported a 49% revenue growth in Q1. Palantir said it is expecting a further â€œ$360 million in revenueâ€ in Q2, which is above the estimate given by a recent Refinitiv survey.
A Financial Weapon and a â€˜Deeply Contrarianâ€™ Investment
Thiel has been an advocate for digital assets for some time, claiming in 2018 that he was â€œlong bitcoinâ€ and that he believed institutional investors would eventually jump into the crypto economy. The same year, the Paypal cofounder stressed that bitcoin was a â€œdeeply contrarianâ€ investment. In recent times, Thiel alluded to China using bitcoin (BTC) as a financial weapon against the United States.
When speaking about the U.S. in terms of blockchain innovation Thiel said:
Palantirâ€™s bitcoin acceptance was welcomed by crypto advocates on social media, and discussions about the companyâ€™s holding have started trending. â€œI feel like itâ€™s only good for the business, no matter what the motive is,â€ said one of the many commentators.
What do you think about the announcement that Palantir will accept bitcoin as payment from customers and possibly holding the crypto asset? Let us know what you think about this subject in the comments section below.
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