Deloitte, the multinational professional services network, has published a guide for companies looking to invest in Bitcoin.
The guide focuses solely on Bitcoin investments due to the recent increase in institutional interest. Deloitte explained the purpose of the guide as follows:
The digital assets domain is the new frontier of possibilities, so it requires every corporate department and its outside to rethink the application of the rules and policies of their core competencies.
What is Deloitte’s Guide about?
The main topics covered by the guide are cryptocurrency investment strategies, integrating bitcoin into companies’ balance sheets, legal and regulatory aspects of crypto investments, and others. Saying this, Deloitte emphasized that it is not a “playbook” for crypto investment.
Before we move on, we want to make one point absolutely clear: There is no playbook or foolproof approach to such bold moves. Only painstaking effort, disciplined analysis, new thinking and rethinking, dedicated collaboration across competencies, and above all, meticulous execution.
The guide also makes it clear that cryptocurrency investment will require a reorganization in thinking and the functioning of its respective organizational branches.
Typically, the various functions and departments of a company set procedures and assumptions to collaborate within and outside the organization, based on well-understood processes in the normal course of action. The digital assets domain is a new frontier of possibilities, so it requires every corporate department and its outside to rethink the implementation of rules and policies regarding their core competencies.
Deloitte also pointed out that some techniques and strategies can be applied to relate to legacy investments in securities, fiat currency or treasury.
When each group gains a level of comfort in applying rules to digital assets, they must actively listen to each other, understand sensitivities, assess operational or technical dependencies and finally rethink how they collaborate and tackle challenges together.
Do all institutes come in?
The Deloitte guide heavily guides MicroStrategy’s billion-dollar Bitcoin investment. MicroStrategy is holding a “Bitcoin Education Conference” for over 1,400 companies today and tomorrow.
The conference aims to educate businesses on how to capitalize on BTC investments or make it primary treasury reserve assets. Fidelity Digital Asset Services, Binance, Coinbase, Grayscale, Kraken and more will attend the conference. The conference has been in high demand and is a good sign for Bitcoin. As MicroStrategy CEO Michael Saylor points out:
I’ve never seen so many CEOs sign up to attend one of our events. Submit yours or attend our sessions and report to your team. Every company can benefit from connecting to the #Bitcoin Money Network.