LionTree explores accepting cryptocurrency for companies

By Daybreak Chmielewski

(Reuters) – The banker who suggested a number of the greatest media mergers of 2021 mentioned on Wednesday he was exploring methods to just accept cryptocurrency as cost for companies, a strong endorsement of the budding digital foreign money.

LionTree Chairman and CEO Aryeh Bourkoff cited the instance of a bunch of people pooling $40 million value of ether cryptocurrency to aim to amass a privately owned copy of the U.S. Structure at public sale, and donate the doc to a museum.

“I really like this story not solely as a result of I agree that an authentic copy of the U.S. Structure ought to be accessible to all Individuals,” Bourkoff wrote, in an annual letter that lays out his monetary predictions for the approaching yr. “However as a result of it epitomizes the potential of the brand new financial system: cutting-edge know-how on the service of communities who can act upon their shared concepts not solely recreationally, however in ways in which create lasting worth.”

Bourkoff mentioned cryptocurrency holds the potential of fulfilling the web’s promise of empowering people. However there are hurdles to beat first, he wrote, together with creating platforms and person interfaces which are straightforward to make use of, to develop its enchantment past a largely male, tech-savvy early-adopter set.

The know-how must turn into extra power environment friendly, he mentioned, noting {that a} single transaction utilizing ethereum know-how requires as a lot electrical energy as a mean U.S. dwelling makes use of in per week. Regulators might want to discover a response to a foreign money that’s explicitly marketed as an alternative choice to government-issued foreign money.

“Globally, nations must steadiness regulation and innovation, and weigh their want to draw the following era of entrepreneurs towards their urge for management 14 via centralized currencies,” wrote Bourkoff.

LionTree was concerned in a number of of the yr’s greatest media transactions, advising AT&T Inc on its proposed merger of WarnerMedia with Discovery Inc, guiding MGM via its deliberate $8.45 billion sale to Amazon.com Inc and advising ViacomCBS on the deliberate sale of Simon & Schuster for $2.175 billion.

(Reporting by Daybreak Chmielewski in Los Angeles; further reporting by Krystal Hu in New York; Enhancing by David Gregorio)

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