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After slump. 21:37
Image: Bloomberg
Itâs time for Bitcoinâs corporate champions to account for a brutal selloff in the cryptocurrency.
Companies such as Tesla Inc. and MicroStrategy Inc. that have emerged as some of Bitcoinâs biggest backers will have to reckon with their digital holdings in earnings reports next week after the price of the token tumbled 41% in the second quarter. Square Inc., one of the few other large companies to add the cryptocurrency to its balance sheet, will report results in August.
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“The Bitcoin Mining Council is a voluntary and open forum of Bitcoin miners committed to the network and its core principles,” MicroStrategy Inc. Chief Executive Officer Michael Saylor, who helped to form the association, wrote on Twitter. He added, “Join us,” alongside a praying-hands emoji.