Bitcoin price Today – Capital Calls: WeWork’s crypto dreams
Concise insights on global finance in the Covid-19 era.
RENT NOW, PAY VIRTUALLY. Companies can now pay for their rent at WeWork in select cryptocurrencies. The shared office provider said Tuesday it would join a few companies, like Tesla ((TSLA).O), in accepting bitcoin read more . But it takes two sides to make a market.
Volatility of the currency has made its acceptance fluctuate among companies. It has been an on and off and on again experience at travel firm Expedia (EXPE.O), for example. As it happens, when the valuation of the currency is rising, vendors are more willing to take it, but buyers are less willing to part with it. When the fortunes swing, so do those who are interested in its exchange.
Bitcoin’s value is up eightfold over the past 52 weeks, but down more than 10% in the past week. If people expect values to go up rapidly, more companies may join WeWork. For now, it’s good publicity for the company run by Sandeep Mathrani, as the firm gears up for its float via a merger with a special purpose acquisition company at a $9 billion valuation . The long-term viability of it as a currency, though, depends on whether the value of bitcoin actually stabilizes. (By Robert Cyran)
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Earlier in Capital Calls:
Kering struggles to close bling gap read more
ESG handcuffs read more
UK grocery LBO can apply pain-free salve read more
French M&A risk makes Atos a tricky short read more
U.S. regulatory cloud chocks tobacco stocks, again read more
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