The Avalanche Begins — Two HUGE Wins for Bitcoin (Google Accepts)
Google is a HUGE boulder in the coming avalanche.
video: The Avalanche Begins — Two HUGE Wins for Bitcoin (Google Accepts)
Two HUGE Wins for Bitcoin- Google Accepts it as Payment + Accounting
Two huge wins for bitcoin. One will lead to the other, so I’ll discuss the slightly boring one first which will lead me to the more exciting one in a moment/
- accounting win— it used to be that if a company, like Microstrategy owned bitcoin, if they purchased say 100 million in bitcoin, they could leave it on their balance sheet at the purchase price, and not up the value if it suddenly became worth more.
- BUT, if bitcoin declined in value, they would be forced to lower the while only a decrease in value below the initial cost of the holdings were to be recognized as a loss on the income statement! This could lead naturally to a decline in the stock and the CEO being fired. This was a solid argument to not to buy it and put it on the balance sheet.
- Now the accounting board has reversed this position and you are allowed to change the value on the balance sheet/ income statement to reflect the price of bitcoin should it go up.
NOW- Google announced they plan to begin to accept crypto as payment for some of their cloud computing service. This includes a variety of crypto-currencies, including Ethereal and Doge as they partnered with CoinBase.
It’s good for Coinbase who will augment their earnings, and it is good as one of the biggest companies in the world begins to accept crypto as a payment.
Now, this will, I assure you, lead other companies to adopt it as a payment method. It will facilitate more international transactions, remove the stranglehold of visa, mastercard, PayPal for such payments.
Google is a HUGE boulder in the coming avalanche.
BUT, put both these things together. It has long been rumored by people that I may or may not know at Google that they were considering putting Bitcoin on their balance sheet.
The reason that many public companies refused to put BTC on the balance sheet were the aforementioned accounting rules. Now CEO’s will have upside on their quarterly earnings rather than only downside.
It also means that maybe Google will likely, rather than turn that bitcoin into fiat, start keeping it on their balance sheet.
When other CEO’s around the world see Google doing this, it will give them cover to do so as well, which in turn will cascade to more and more companies.
That is where the puck is going. You might think these are small changes, but they are actually huge.
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