What efforts are underway to change GAAP rules regarding balance sheets and crypto asset valuations?There are now some Bitcoin miners who are public, and more expected to go public this year. Those companies are raising massive equity investment for mining rigs and to hold Bitcoin.
The accounting rules make it difficult for very major companies, like Apple, Google, etc. to adopt Bitcoin in the way that Microstrategies did. It requires a charismatic, a majority share owning CEO, like a Michael Saylor or Elon Musk, to push the systems, accountants and other shareholders to accept Bitcoin on the balance sheet, because GAAP requires the volatility to be counted as a loss, which is hard to explain to investors when it happens. There are efforts underway to change the GAAP rules about this. Until then, it will probably be confined to miners and the Microstrategies type of a public company that can do it. There might also be some other Bitcoin holding SPACS that come public, which have Bitcoin in their core DNA rather than existing business lines based on dollar denominated balance sheets that have to be converted.
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