Day: May 23, 2023

Pizza for $260m and other ridiculous purchases with bitcoin

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied On May 22, 2010, an early bitcoin enthusiast Laszlo Hanyecz purchased 2 pizzas and paid using just about 10 thousand BTC coins. At the time, bitcoin was trading at the sub-penny value: the total value of the cryptocurrency was about $41. About 13 years later, the leading cryptocurrency is worth $ 26,880 at the time of writing; this means that the total value of those pizzas is now over $268 million.  13 years ago tomorrow the…

MicroStrategy endorses ‘fair value model’ proposal for reporting crypto holdings

MicroStrategy, the largest public holder of bitcoin, has joined the growing list of supporters backing proposed rule changes by the financial accounting standards board (FASB), which seeks to eliminate impairment charges for companies holding cryptocurrencies. As of March 31, MicroStrategy held approximately 140,000 BTC, giving it a significant position in the crypto market. Introducing the fair value model Under the current generally accepted accounting principles (GAAP), crypto assets are classified as “indefinite-lived intangible assets” and subject to impairment testing, which identifies a permanent decline in their value. When the carrying…