Richard Beales joined Breakingviews in 2007 from the Financial Times, where he was U.S. markets editor and a Lex columnist. Prior to the FT, he spent more than 10 years as an investment banker at Schroders and Citigroup, based largely in Hong Kong and working on project finance, mergers and acquisitions. He has also lived in Sydney, Australia, and began his working life in London at Mars & Co, a management consultancy. Richard holds a masters in business journalism from New York University and a degree in biochemistry from St John’s College, Cambridge.
U.S. asset-reporting rules aren’t fit for crypto mania. At payments firm Square, bitcoin also distorts revenue. Standard-setters’ inaction rests partly on the dearth of big companies taking the plunge – and partly on the huge significance digital assets could one day accrue.
MicroStrategy’s holdings of the digital currency already make up over half of its $6 bln enterprise value. Now the business-analytics software group has sold $500 mln in junk bonds specifically to buy more. With crypto accounting wacky, it could make for a crazy ride.
A glitch at the $6 bln digital content distributor took Reddit, Amazon and others offline. The internet is like a banking system without the government oversight, seemingly simple but really a complex patchwork. Users need to know instant online gratification is not guaranteed.