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