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Just select a given Cash Boost in your app and then use your Cash Card to pay. Investments, no. Just then, Ankit saw that Thorsten was in the Zoom waiting room. Catch me up on our crypto plans. I knew you guys would say this. Your job is to worry about the spreadsheets. I understand. Bitcoin is the future. There is no world in which it underperforms relative to major currencies over the next decade. We must do this! This did seem like a fait accompli.
What Thorsten wanted, Thorsten usually got. I just saw your message. Thanks for getting back to me. Can we speak off the record? Some of us are worried that this at least has the appearance of a conflict of interest. I suspect that Thorsten has asked you to present a plan to us.
However, we want your candid opinion. He has his allies, of course. Users on its network can send Bitcoins to one another without intermediaries such as banks. Transactions are facilitated by blockchain technology, which allows a computer database to securely track and verify transfers of ownership. Popular cryptocurrency trading platforms include Coinbase, Gemini, and Binance.
Each currently has a trading volume in the billions of dollars. In the second quarter of , U. What would make students more likely to pay in cryptocurrency? The U. Generally Accepted Accounting Principles and the Financial Accounting Standards Board do not offer guidance on the treatment of digital currencies. Companies must interpret how existing standards apply to them.
What evidence does Thorsten have to back up this prediction? How can Ankit get him to envision a different future or the risks Bitcoin imposes? Is there a problem when corporate executives invest in the same assets that their companies do? I wanted to reconnect on crypto. No problem. And we can take it slow. You can trust me again now. Bitcoin has outperformed the dollar since its inception, is gaining popularity with our user base, and in my opinion will be more efficient and secure than regular currencies.
Other cutting-edge companies are already starting to jump in. Now is the time for us to as well. Our support will help the crypto movement. This fits perfectly with our mission. Was Thorsten right? If monetary exchange was going to move toward crypto, Ivory Tower should certainly get ahead of the shift.
But what if governments clamped down on cryptocurrency? If Bitcoin lost all its value? The board members were right to ask hard questions. Ankit should support the push into Bitcoin—as both an accepted form of payment and an investment on the balance sheet. Cost, time, and security inefficiencies will fall away, and companies that accept Bitcoin payments will be able to serve anyone in the world, including people who have historically been marginalized by financial systems or who distrust federal banks as in Latin America and certain other regions.
In addition, Bitcoin can provide attractive diversification and act as an inflation hedge. We believe that the long-term opportunity is worth any near-term volatility and that our investment will enable us to learn and help improve the system while increasing trust in it. Ivory Tower could similarly be at the leading edge of network development, building good relationships with regulators to enable consumer protection and address bad actors while also fostering innovation and figuring out how to master custody, insurance, exchange, accounting, payroll, tax reporting, and compliance.
Ankit, of course, needs to address all the concerns that his team and Cindy Yu have raised. This is the time for him to truly lead as CFO. Ankit should oppose the plan—but only after having a frank conversation with Thorsten to outline the downsides and explore other ideas.
Paul is right that cryptocurrency is too volatile to be of balance-sheet quality.
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