Volatile: A representation of virtual currency bitcoin is seen in front of a stock graph in this illustration. Bitcoin’s price volatility isn’t its only risk. The coins are vulnerable to hackers, fraud and forgotten passwords, though institutional investors use custodial services to reduce those dangers. ─ Reuters
NEW YORK: Wall Street finance executives who were thinking of plunging some of their company’s cash reserves into bitcoin got a heat check last week.
Chief financial officers, not generally known as a risk-loving bunch, watched bitcoin sink more than 25% in a 24-hour period starting Sunday. Burning a hole of that size in the corporate rainy day fund would amount to a career-ending wipeout at virtually any S&P 500 firm.
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