MicroStrategy Founder: FASB's new accounting standards will promote global companies to use Bitcoin as a reserve asset
MicroStrategy founder Michael Saylor announced on Twitter that the Financial Accounting Standards Board (FASB) of the United States has officially adopted Bitcoin fair value accounting for fiscal years beginning after December 15, 2024. The upgrade in accounting standards will promote global businesses to adopt Bitcoin as a reserve asset. According to previous news, the United States will introduce its first cryptocurrency accounting rules, allowing crypto companies and any other company holding Bitcoin or Ethereum to record their held cryptocurrencies at fair value, with changes in fair value being recorded as net income.
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