Bitcoin plunge taints cryptocurrency’s allure for corporate treasuries
A 25% plummet in rainy day funds over just 24 hours would cause a career-ending wipeout at S&P 500 firms
17 January 2021 - 18:21
New York — Wall Street finance executives who were thinking of plunging some of their company’s cash reserves into bitcoin got a heat check this week.
CFOs, not generally known as a risk-loving bunch, watched bitcoin sink more than 25% in a 24-hour period starting last Sunday. Burning a hole of that size in the corporate rainy day fund would amount to a career-ending wipeout at virtually any S&P 500 firm...
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