Accounting for Bitcoin and other cryptocurrencies

Cryptocurrency is a new type of payment method that is distinctly different from fiat currencies, such as the U.S. dollar. A common question related to Bitcoin and other cryptocurrencies is how they should be accounted for under U.S. generally accepted accounting principles (U.S. GAAP). Unfortunately, there is currently no authoritative literature under U.S. GAAP which specifically addresses the accounting for digital assets, including digital currencies. As a result, entities have considered accounting for them as cash, intangible assets, investments, or