In a 2024 ruling by
GAAP Accounting for Bitcoin is now possible for US business due to recent government rulings. Bitcoin has the unique feature of decentralization. Since, 2009, Bitcoin is widely recognized as the most decentralized cryptocurrency. This takes legal meaning, in the fact that Bitcoin lacks a central authority or company controlling it. No humans show up to work at Bitcoin. Other crypto currencies differ in that fact that humans regulate them. This makes cryptocurrency in the same classification as a traditional security. This distinction has led to Bitcoin being treated differently in regulatory contexts, often classified as a commodity by the Commodity Futures Trading Commission (CFTC). The CFTC classifies Bitcoin as a commodity. This status makes Bitcoin similar to gold or oil, allowing it to be traded on regulated commodity exchanges. This classification stems from its use as a store of value and medium of exchange without centralized control​. This is similar to a land asset in accounting. As a result of these new legal classifications, many US businesses are now holding Bitcoin on their balance sheets. Platforms such as Coinbase, have made this process user friendly by creating business accounts. Within their documents and features, accounting for Bitcoin at tax time can now be done in businesses of any size in the United States. TESLA automobile company and several other major companies in the United States, have been employing GAAP practices since allowed to do so.