What every business owner needs to know

INC. THIS MORNING What every business owner needs to know Good morning, It’s time to talk about bitcoin. The cryptocurrency boomed in 2020, rising 400 percent over the course of the year and topping $50,000 per bitcoin for the first time in early 2021. Elon Musk’s Tesla announced last month in an SEC filing that it bought $1.5 billion in bitcoin, essentially as an investment strategy, and noted its future goal to accept payments in the digital currency. The move has sparked many other entrepreneurs and business owners to ask two questions: Should my company buy cryptocurrency as an investment strategy? Should I aim to accept cryptocurrencies as payment at my business, too? If you're at all risk averse, those are easy questions to answer. But if you want to say, "Yes," the question becomes how. There are technical requirements that could keep bitcoin or blockchain technology from integrating well into your business. You need a high risk appetite to put funds into such a volatile market. And most founders don’t have Musk’s resources, as Microsoft co-founder Bill Gates noted in a recent interview: “My general thought would be that if you have less money than Elon, you should probably watch out.” Read our coverage to learn whether or not cryptocurrency could be a smart move for you: Here’s what you need to know to accept bitcoin payments at your small business. Make sure you consider these three factors before jumping into the crypto craze yourself. HERE'S WHAT ELSE I'M READING TODAY: The U.S. Senate passed a massive $1.9 trillion stimulus package, including another $50 billion in small-business support. Here’s what’s in it for you. --Inc. A reality check: How women-owned businesses are really faring during the pandemic. --Inc. Waymo simulated dozens of real-world fatal car crashes to prove its self-driving cars can prevent deaths almost entirely. --The Verge In many localities, indoor dining is back--but actually running such a restaurant is still a battle. --The Wall Street Journal On this week’s What I Know podcast: This “Miss Congeniality” used her $500 in pageant winnings to fund her small business. --Inc. ONE MORE THING: Want to position your brand for long-term growth? Try these three great tips from age-defying skateboarding legend Tony Hawk. --Inc. --Cameron Albert-Deitch Reporter, Inc. How are we doing? Send me ideas and feedback at calbertdeitch@inc.com, and sign up for daily text messages from me. Become an Inc. Unlimited subscriber. Click here to forward to a friend. This email was sent by: Mansueto Ventures 7 World Trade Center, 29th Floor New York, NY, 10007, Unsubscribe • Update Profile • View in Browser • Privacy Policy