Bitcoin on balance- Corporate purchases can be free

 Bitcoin on balance- Corporate purchases can be free

Bitcoin and Ether (ETH, -4.01%) purchases by companies in Scandinavia and Hong Kong are fueling rumors that a wave of non-US corporate treasurers could follow MicroStrategy, Tesla and Square in buying cryptocurrencies, according to a new report from the Norwegian think tank. Magical research.

Hong Kong-based photo retouching software maker Meitu said it bought 15,000 ETH and 379 BTC (+ 0.16%) last week in open market deals. Arcane calculated that the company paid an average of $ 472,130, well below the current market level of about $ 57,000.

In addition, Norwegian energy engineering company Aker added 1,170 BTC to its balance sheet on Monday, paying around $ 58 million at an average price of around $ 49,600.

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According to Arcane, new corporate buyers seem intent on preserving cryptocurrencies in the long term, and see further growth potential for bitcoin. MicroStrategy, led by CEO Michael Sailor and based in Virginia, owns roughly 91,064 BTC purchased in the past three months, worth about $ 5 billion. Meanwhile, American electric car maker Tesla, led by billionaire Elon Musk, bought about $ 1.5 billion worth of bitcoins in February.

The first wave initiated by MicroStrategy started in the US, but now the trend is showing signs of going global, wrote Arkane.

With Bitcoin firmly in the bullish state, its price quadrupled last year and nearly doubled as early as 2021, the sooner the company enters the market, the better the price it gets - as shown in the Arcane chart below.

  • In a blog post on Wednesday, the Hong Kong-headquartered exchange announced that its new tool provides an estimate of taxable profit / loss on relevant cryptocurrency transactions that can be downloaded for tax reporting.
  • Users can import transaction records from supported exchanges and wallets via CSV files or via API sync if supported.
  • Initially, the service is only available in Canada, but will later be rolled out to other jurisdictions.
  • When this happens, the tool will use country-specific tax formulas.
  • We have worked with professional tax advisors to ensure that the calculation logic is consistent with existing guidelines and laws for filing cryptocurrency taxes in Canada,said

 Bitcoin on balance- Corporate purchases can be free

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