Cryptocurrencies
Bitcoin Swings Undermine CFO Case for Converting Cash to Crypto
- Corporate buys would be a ‘red flag’ for investors: O’Rourke
- MicroStrategy and Square have both moved reserves into tokens
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Wall Street finance executives who were thinking of plunging some of their company’s cash reserves into Bitcoin got a heat check this week.
Chief financial officers, not generally known as a risk-loving bunch, watched Bitcoin sink more than 25% in a 24-hour period starting Sunday. Burning a hole of that size in the corporate rainy day fund would amount to a career-ending wipeout at virtually any S&P 500 firm.