Weekly Roundup 05/13/22 (Terra collapses, FASB reconsiders Bitcoin accounting, the Fed's third mandate) (EP.318)
On The Brink with Castle Island
Can You Mark It to Market?
The f a s b financial counting standards board has unanimously voted to evaluate the accounting system for digal assets. The issue is, and i'll over simplify this, let's sel you buy becoin at 50 thousand. Ah, let's say it goes up to a hundred thousand. You have mark it up. But if it goes down to 25, you can't take it back to 25. And so you need to have this impairment thing, which just makes it really wonky and difficult to analyze companies like microstrategy and square that have a bickon on the balance sheet.
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