Why bitcoin may prompt companies to write down losses or book zero profit growth even in a rally

//Why bitcoin may prompt companies to write down losses or book zero profit growth even in a rally

Why bitcoin may prompt companies to write down losses or book zero profit growth even in a rally

Users of beauty app maker Meitu often praise the listed company for its glammed-up selfies, but investors concerned about its decision to invest its cash reserves into cryptocurrencies would probably prefer a stripped-down reality check on its financials. Earlier this month, Meitu said it would invest US$40 million in bitcoin, whose price has risen over tenfold over the past 12 months. It follows similar moves by US-listed Tesla, which in February disclosed a US$1.5 billion investment in theā€¦

Article by [author-name] (c) South China Morning Post - Read full story here.

By | 2021-03-18T00:30:11+00:00 March 18th, 2021|Business|Comments Off on Why bitcoin may prompt companies to write down losses or book zero profit growth even in a rally