Palantir accepts Bitcoin
Updated: Mar 28, 2024
Palantir accepts Bitcoin
The software company Palantir sells data software to major clients. In future, they will have the option of paying their bill in Bitcoin. Palantir's crypto plan is not particularly surprising. After all, the PayPal initiator is one of the founders of the company. According to CNBC, the software manufacturer made its own Bitcoin project public during a conference call on the occasion of its quarterly results. Palantir therefore doesn't want to just accept BTC as a means of payment. Rather, it would also be considered to use crypto currency as a reserve asset in the future.
The software specialist Palantir published its figures for the first quarter yesterday. After weeks of sales, the paper went to its knees yesterday, according to the numbers, and was already more than 10% in the red. But this turned out to be a bear trap in retrospect. Almost 40 % of Palantir's revenues came from the private clients. This shows that the group is increasingly freeing itself from its dependence on public customers and is expanding further into the private sector. In addition, Palantir generated free cash flow, which corresponds to a cash flow margin of a whopping 44 %.
In the first quarter of 2021, the company raised almost 350 million US dollars. The majority of sales come from government clients.
Bitcoin In The Balance Sheet
Palantir isn't the only company pondering the use of Bitcoin as a store of value. After software developer MicroStrategy set a good example and stocked up on BTC, the Japanese games developer Nexon jumped on the crypto too. Last but not least, behind the move is the consideration that Bitcoin could be more inflation-resistant than money. In 2020 and 2021, the companies made million dollar crypto purchases. Tesla got into the crypto space in winter, announcing it had bought $ 1.5 billion worth of Bitcoin.
The contents of this article are for informational purposes only and are not investment advice.
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