Alphabet, Apple, Amazon, they could easily say that they will allocate just 0,05% of their capital into Bitcoin as MicroStrategy, but somehow they are not willing to do it. They tried doing Libra and they failed. Which is they major risk? Aren't they tech companies? Not supporting at least just a tiny capital into bitcoin makes them anticuated tech companies to me.
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That's a good thing. Bitcoin comes grassroots from the bottom up.
The slower the big institutions and players are to catch up from the top down the more time we have to organize it from the bottom up.
Big corporations are already above the law and borderless. They don’t NEED freedom money
It's an innovator's dilemma situation IMO. They can't properly value Bitcoin's innovation because it doesn't fit into their existing product architectures, customer set, and network effects. When they look at the existing market, they also don't see it as large enough for a sizable ROI vs. their existing businesses from both a users and revenue perspective.
But, Bitcoin doesn't need them. New entrants thrive in such an environment. They can be nimble and cost effective in their use case exploration. When they find the right use cases and hit the S curve upslope of adoption, it'll be too late for big tech. They'll miss the new paradigm.
Tim Apple made a comment on this. He said that he owns bitcoin, but doesn't want to buy bitcoin on Apple's balance sheet. People who invest in Apple stock want Apple stock, not bitcoin. If they want bitcoin, they can buy bitcoin.
view on www.youtube.comBitcoin could circumvent their strategic positions between customers and value producers. They want to be in between and get the money.
Eg Amazon between seller and buyer. Meta between celebrity/influencer and fan. Google between searcher and search result.
it all has to do with GAAP accounting rules https://www.forbes.com/sites/shehanchandrasekera/2020/05/21/how-are-cryptocurrencies-classified-in-gaap-financials/
buy bitcoin and constantly be forced to mark it down at market rates to the lowest possible value is a massive turn off
its all about volatility and only 3% crypto world adoption
I suspect it's just too early and they don't really get it yet. They might also be afraid to be the first to step in. It would legitimize Bitcoin and they'd be somewhat held accountable, which is not great if governments do vilify Bitcoin. Once one of them moves on it, the others will likely follow though.
GAAP accounting rules
https://www.forbes.com/sites/shehanchandrasekera/2020/05/21/how-are-cryptocurrencies-classified-in-gaap-financials/?sh=18b7f1f65b24
It is no coincidence big tech rejects, in unison, bitcoin.
Big tech is tightly wound with government and benefits from the arrangement.
Bitcoin removes some of the power that the government wields and over time forces governments to change.
By declining to support bitcoin and working against it in various ways, big tech is essentially extending the amount of time where they benefit from their ties with the government. Only when big tech is forced to change towards adopting bitcoin (i.e., or else they lose market share) will they begin to acquire bitcoin on their balance sheet and integrate bitcoin into their products (e.g., accepting bitcoin as payment, designing products to take advantage of bitcoin's properties, like how maybe Reddit could become more like SN if they wanted to.).
Because they cannot control it
это как лошадь и космический корабль. пилотов очень мало....
Big Tech is centralized. Decentralization threatens their reason for existing.
If only we could ask them