TIME Magazine

TIME Magazine Goes Crypto-friendly Auctioning First-ever NFTs

TIME Magazine

Cryptocurrency hits the mainstream with TIME Magazine seeking a new Chief Financial Officer (CFO) who understands Bitcoin and crypto. 

According to the job posting, the publisher would like to see job candidates “comfort with Bitcoin and cryptocurrencies.” But the listing did not explain what the CFO would be doing with crypto.

According to a Tweet from Time’s President Keith Grossman, the magazine and news website will begin accepting cryptocurrencies as a form of payment for digital subscriptions within the next thirty days.

On the other hand, TIME announced that it would auction three magazine covers in the form of non-fungible tokens (NFTs). The move of the popular bi-weekly news publication signals no slow down to the NFT craze.

TIME is to auction three NFTs, with one featuring the words “Is Fiat Dead?”, in a nod to iconic cover designs from the past. 

TIME’s three first-ever NFTs are available for purchase individually or as a collection on NFT marketplace SuperRare. The auction is now open and will run until March 24. 

New CFO Who Understands Bitcoin

On the crypto boom, Grossman told Yahoo Finance that TIME is “very comfortable seeing the trend lines as to where this is going. And so our goal is to get there first to get there fast. And then to be able to open it up to others.”

As cryptocurrency continues its foray into the mainstream, Bitcoin becomes a highlighted topic in the Bank for International Settlements conference. 

While Bitcoin and other cryptocurrencies are “not backed by anything,” they are still capable of serving as a “substitute for gold,” Jerome Powell, chairman of the United States Federal Reserve, stated in the video conference.

Powell pointed out that instead of competing with fiat, Bitcoin is currently moving into the territory of gold. “It’s essentially a substitute for gold rather than for the dollar,” said Powell.

At the same time, he acknowledged that stablecoins are “an improvement” over crypto assets.

“To an extent, a stablecoin is backed by sovereign currencies of leading nations, that is certainly an improvement over crypto assets, ” Powell noted. “But nonetheless, where does the credibility come from? It comes from that sovereign currency that is the backstop.”