In recent months, companies such as MicroStrategy and Tesla have taken over large positions in Bitcoin (BTC). However, this trend has not become the norm for most companies. Damian Vandervilt, co-president of Galaxy Digital, believes that security and taxes can be a deterrent when investing in digital currencies.

“When we think about our conversations with companies and institutional clients and how many of these involved groups you are thinking of investing in this sector, security is crucial and the assets they buy will be safe, affordable and reliable,” Vandervilt told Bloomberg on Thursday. in an interview.

He added: “The second order, especially for companies, is the tax regime and how it is treated, especially in US GAAP accounts as an intangible asset.”

A Bloomberg interviewer noted that “5% of CFOs” are considering buying bitcoins. The figure of 5% comes from a recently published report from research firm Gartner which describes the results of a February survey of 77 CFOs. Gartner’s official statement released on February 16 said of the report: “Only 5% of CFOs surveyed in February 2021 said they plan to keep Bitcoin as an asset by 2021.”

MicroStrategy, MassMutual, Tesla and Square have invested millions of dollars in Bitcoin. MicroStrategy has spent over $ 1 billion on the asset and has recently deposited another billion in BTC. Square recently announced that they have added $ 170 million in bitcoin to the portfolio. The company spent $ 50 million on the coin last fall.

“These are not problems or unattainable things that companies can not feel comfortable with, but they take time,” Vandervilt said of the two issues he mentioned.

LEAVE A REPLY