Why Bitcoin accounting rules make it better to invest in ‘a stack of comic books’

Why Bitcoin accounting rules make it better to invest in ‘a stack of comic books’

Bitcoin's (BTC-USD) arrival into the mainstream has seen companies like Microstrategy (MSTR), Block (SQ) and Tesla (TSLA) add the digital coin to their balance sheets — and spawned a new class of investors drawing all or part of their salaries in cryptocurrency.

But with Bitcoin slumping by nearly half since hitting a November high under $69,000 in the midst of crypto's grim winter, the strategy is not without risk — especially for companies bound by strict corporate accounting rules that some argue are in need of updating.

It can also put pressure on the results of firms with crypto on their balance sheets, like Microstrategy — a business intelligence firm turned publicly-traded Bitcoin whale, and make accounting more difficult.