Posted by & filed under Accounting Careers, Canadian Economy.

Description: Bitcoin is soaring to new heights. Tesla has said it will soon accept the cryptocurrency as payment for its electric cars, and, as part of this strategy it has salted away $1.5 billion worth of Bitcoin. This is seen as part of the reason that Bitcoin has jumped 50% this year.

Date:  February 8, 2021

Source:  cbc.ca

 Link: https://www.cbc.ca/news/business/tesla-bitcoin-1.5905235

Discussion points:

1) Do you know anyone who has invested in Bitcoin? What price did they pay?

2) The article notes that some see Bitcoin as “a store of value” at a time when governments have been borrowing heavily to combat the pandemic. If you were a chief financial officer at a company, would you be willing to recommend an investment in Bitcoin?

3) Read the inset box “What is Cash?” in Wiley’s Financial Accounting: Tools for Business Decision-Making. Do you believe Bitcoin should be accounted for as cash on a company’s balance sheet?

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