Insight - Bitcoin’s corporate diehards face reckoning

Crypto sell-off: A customer standing in front of Tesla Model X electric vehicle. The company may face a much steeper charge in the second quarter after bitcoin dropped below US$29,000 (RM122,583) at the end of June. — Bloomberg

IT’S time for bitcoin’s 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 bitcoin’s 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.