Palantir To Accept Bitcoin As Payment Option: What You Need To Know

Data analytics company Palantir Technologies Inc. PLTR is the latest public company to embrace Bitcoin.

What Happened: Palantir, which reported forecast-beating first quarter revenue Tuesday and in-line earnings per share, said on its earnings call that it will accept Bitcoin BTC/USD as payment from customers. The company also said it is contemplating investing in Bitcoin and other cryptocurrencies.

Palantir's founding members, including Peter Thiel and Joe Lonsdale, have voiced mixed opinions regarding Bitcoin. Thiel, though a supporter of cryptos and Bitcoin, suggested previously that Bitcoin could be a financial weapon China is wielding against the U.S.

Highlighting the riskiness involved in Bitcoin, Lonsdale said in a CNBC interview in late April that Bitcoin is "a bet that the emperor has no clothes."

Related Link: Palantir Deepens Relationship With Ringier To Help It Transform Into A Digital-First, Global Media Company

Why It's Important: Bitcoin has received wide mainstream adoption in that companies and institutional investors are betting on it. EV giant Tesla, Inc. TSLA announced earlier this year it will hold some of its treasuries in Bitcoin and also begin to accept payments in Bitcoin. 

PayPal Holdings, Inc. PYPL, also co-founded by Thiel, and its Venmo payment platform allow customers to trade in cryptocurrencies.

At last check, Palantir shares were rising 7.36% to $19.83, while Bitcoin was down 3.57% to $56,311.15. 

Related Link: Palantir Stock Falls After Beating Q1 Revenue, Dip In Q2 Operating Margin Guidance