Cryptocurrency Q&A
Does riot recognize bitcoin?
Does riot recognize bitcoin?
Silvia
Wed Jul 17 2024
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7 answers
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In the realm of cryptocurrency and finance, the question of whether Riot Games, a renowned developer of video games, recognizes Bitcoin as a valid currency or payment method often arises. Given the growing popularity and acceptance of Bitcoin in various industries, it's natural to inquire about its status within the gaming community. Does Riot Games, with its vast user base and influence, acknowledge the use of Bitcoin for transactions? Could we expect to see Bitcoin as an accepted payment option in their digital storefronts or for in-game purchases? The answer to this question could potentially shape the future of cryptocurrency integration in the gaming industry.
7 answers
Stefano
Fri Jul 19 2024
In the month of December 2023, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2023-08.
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Caterina
Fri Jul 19 2024
Under the provisions of ASU 2023-08, Riot, a company with significant holdings in Bitcoin, was required to recognize its Bitcoin assets at fair value.
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CherryBlossomFall
Thu Jul 18 2024
BTCC, a UK-based cryptocurrency exchange, offers a comprehensive range of services to its clients. Among these are spot trading, futures contracts, and secure digital wallet solutions.
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JejuSunshineSoulMateWarmth
Thu Jul 18 2024
This new accounting treatment mandates that any changes in the fair value of Bitcoin, whether an increase or decrease, must be reflected in the company's income statement.
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Michele
Thu Jul 18 2024
In alignment with the new guidance, Riot elected to adopt ASU 2023-08 on an early basis, commencing in 2023.
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