Deloitte Follows MicroStrategy, Releases Bitcoin Investment Guide For Institutions
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Deloitte, the multinational professional services, network released a guide for corporations looking to invest in Bitcoin.
The guide focuses solely on Bitcoin investments due to the recent surge in institutional interest. Deloitte articulates the purpose of the guide right at the very beginning:
“The terrain of digital assets is a new frontier of possibilities, so it requires that each corporate department, and its external party, rethink the application of the rules and policies of its core competency.”
What Does The Deloitte Guide Talk About?
The main topics that the guide talks about are cryptocurrency investment strategies, integrating bitcoin into companies’ balance sheets, legal and regulatory considerations of crypto investments, and others. Having said that, Deloitte stressed that there is no “playbook” for crypto investing.
"Before proceeding, we want to make one point absolutely clear: There is no playbook or foolproof approach for these kinds of bold moves. There is only painstaking effort, disciplined analysis, fresh thinking and rethinking, dedicated collaboration across competencies, and, above all, rigorous execution."
The guide also explicitly states that cryptocurrency investment will require a realignment in thinking and its respective organizational branches' functioning.
“Typically, the various functions and departments of a company establish procedures and assumptions for collaborating across and outside the organization based on normal-course, well-understood transactions. The terrain of digital assets is a new frontier of possibilities, so it requires that each corporate department, and its external party, rethink the application of the rules and policies of its core competency.”
Deloitte also pointed out that some of the techniques and strategies associated with legacy investments in securities, fiat currency, or treasuries may apply.
"Once each group gains a level of comfort with the application of the rules to digital assets, they then need to actively listen to one another, gain an understanding of the sensitivities, evaluate any operational or technical dependencies, and finally rethink how they collaborate and tackle challenges together.”
Institutes Going All In?
The Deloitte guide heavily refers to MicroStrategy's billion-dollar Bitcoin investment quite heavily in their guide. Speaking of which, MicroStrategy is hosting a “Bitcoin Educational Conference” for >1,400 firms today and tomorrow.
The conference aims to educate enterprises on taking advantage of BTC investments or making it their primary treasury reserve asset. The conference will be attended by Fidelity Digital Asset Services, Binance, Coinbase, Grayscale, Kraken, and more. This turnout has been pretty overwhelming and bodes well for Bitcoin. As MicroStrategy’s CEO, Michael Saylor, pointed out:
“I have never seen so many CEOs sign up to attend one of our events. Send yours, or come join our sessions & report back to your team. Every company can benefit from plugging into the #Bitcoin Monetary Network.”