The rumor that Facebook’s 2021-Q1 earnings report would show that they’ve got bitcoin on their books has been all over the news since yesterday. But the report itself, which was released ahead of their earnings call today, showed no sign of it.
The earliest mention of the rumor traces back to investor and Atlanta Digital Currency Fund CIO Alistair Milne:
Since then, the above tweet has appeared in thousands of news stories. But that doesn’t mean he started it himself.
Milne later shared a screenshot of an email to prove he first heard the rumor from someone at Lansdowne Partners, a UK-based asset management company.
Even so, he seemed to take the news that FB had no bitcoin in its earnings report with chagrin, asking if it was time for him to delete his account and then vowing to stay off Twitter until Facebook does buy Bitcoin:
The rumor picked up velocity, in part, because the social media company has tried to move into the crypto space before. Facebook launched Libra, a new digital currency, in 2019.
It ultimately failed after several big name partners, like PayPal, Visa, Mastercard and Stripe, decided to leave the project. It got rebranded as Diem in December, but has not yet launched.
A person familiar with the matter told CNBC that the Diem stablecoin, being developed by The Diem Association in Switzerland, is slated to launch in 2021.
On its earnings call, Facebook went on to report revenue of $26.17 billion for the quarter, a 48% compared to last year. The company attributed the significant increase to an increase in its ad rates and a 12% increase in the number of ads that appeared on the site.