Cryptocurrency is a hot topic in today's world, but is the crypto apocalypse here? How is crypto impacting BDO clients and businesses? What are some concerns surrounding crypto, and what considerations should a company looking into investing in cryptocurrencies be aware of? On today's Accounting for the Future episode, host Anne-Marie Henson, BDO partner, is joined by Mary Matthews, BDO Accounting Advisory Group Partner, and Michael Crolla, BDO Assurance and Accounting Partner. Together they discuss developments in cryptocurrencies over recent months, managing crypto volatility, and what investors can do to vet new and young investment opportunities better.

What You'll Hear In This Episode:

[2:45] An overview of the current cryptocurrency world and FTX.

[6:30] The ripple effect of cryptocurrency on companies like Silvergate Capital.

[10:02] Regulations that could help stabilize the crypto industry.

[14:58] Recommendations for crypto best practices and financial controls.

[21:00] How can management avoid a fate similar to FTX?

[23:15] The critical role of the CEO in leading a company.

[25:42] Cautionary advice for investors to better protect capital.

Mentioned:

BDO

Mary Matthews

Michael Crolla

Anne-Marie Henson

Quotes:

"While Crypto is a relatively new industry, we can't ignore the fundamentals of running a company with strong governance."

"No matter how big a company is, poor governance can always throw it into chaos."

"Investors need to be wary of boards which consist of just executives or just management."

"What's interesting with companies like FTX, is that they're creating their own currency, their own token, and in general as an investor I would be very cautious of that."

"It's a hard balance, but you have to know who and what you're investing in."