Digital asset accounting is fraught with complexity. But as institutional adoption continues, regulatory clarity and compliance are the keys to success, says TaxBit’s Aaron Jacob.
Last year, bitcoin passed a key milestone toward institutional acceptance as an array of publicly traded companies added it to their corporate treasuries. Alongside traditional financial instruments, and despite a significant price drawdown, companies such as Tesla, Block (formerly Square), and Coinbase still hold over $100 million worth of bitcoin today.
But after last year’s initial hype, the corporate balance sheet clamor for bitcoin has slowed to a crawl, likely due in part to complex accounting rules. For observers and investors in public companies holding bitcoin, disclosure rules are also vague and deter transparency. Tesla recently left a mystery in its wake as it sold 75% of its initial $1.5 billion bitcoin stake, leaving questions about its initial cost basis and disposition unanswered. To be...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...