LONDON/NEW YORK ¨C When Elon Musk¡¯s Tesla became the biggest name to reveal it had added bitcoin to its coffers last month, many pundits were swift to call a corporate rush toward the booming cryptocurrency.
Yet there¡¯s unlikely to be a concerted cryptocurrency charge any time soon, say many finance executives and accountants loath to risk balance sheets and reputations on a highly volatile and unpredictable asset that confounds convention.
¡°When I did my treasury exams, the thing we were told as No. 1 objective is to guarantee security and liquidity of the balance sheet,¡± said Graham Robinson, a partner in international tax and treasury at PwC and an adviser to the U.K.¡¯s Association for Corporate Treasurers.
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