TechFlow news, a Wall Street research firm and one of the largest corporate supporters of Bitcoin in the United States said that U.S. companies are now undergoing a significant change in how they account for Bitcoin and other cryptocurrencies they hold, which could make businesses more willing to purchase them.
Currently, accounting rules only allow companies to record increases in the value of digital assets when they are sold, although losses must be recognized at least annually. However, the Financial Accounting Standards Board (FASB) has voted to take a different path, allowing companies to use fair value accounting so they can immediately reflect gains and losses on their income statements.
The Stifel analyst team stated: "We could see increased acceptance among U.S. companies holding digital assets on their books, especially during bullish market periods, as the impact on profitability improves." The Stifel team noted that by the end of the second quarter, MicroStrategy had approximately 152,300 bitcoins on its books valued at $2.3 billion, which was 50% ($2.3 billion) below their fair market value at the time.
