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 Palantir’s earnings statements from Q1, and claims Palantir is considering holding the bitcoin it earns. Palantir confirmed they accept bitcoin as payment in their earnings call this morning. They also said they are considering adding bitcoin to their balance sheet. Bitcoin is inevitable. — Pomp 🌪 (@APompliano) May 11, 2021 The business is backed by the investor Peter Thiel, who cofounded the company in 2003 and was the largest shareholder until 2014. The company’s name stems from the Lord of the Rings series, in an acknowledgment of the book’s “seeing-stones” called “palantíri.” Palantir’s software and data analytics have been integral to the firm’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 “$360 million in revenue” in Q2, which is above the estimate given by a recent Refinitiv survey.