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Joining the corporate rush to bitcoin? Not so fast, say coffer keepers
- Tuesday | 9th March, 2021
The Financial Accounting Standards Board, which sets accounting standards for US corporations, does not have guidance specific to the accounting for cryptocurrencies. COMPANIES’ CRYPTO BILLIONSPublicly listed companies together hold around $9 billion of bitcoin, data from the Bitcoin Treasuries website shows. Of course, if the price of bitcoin rises, a company can always simply sell its holdings, thus realising some gains. “Bitcoin flips the script on that.”Sackett pitched ULVAC executives on investing in bitcoin last April, suggesting they take a chance and then cash out with potential gains. “The general consensus among treasurers is that very few of them are going to follow this trend initially,” said Naresh Aggarwal at the UK’s Association for Corporate Treasurers.
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