Bitcoin is a type of digital currency, called a cryptocurrency, that has gained acceptance from a number of investors, businesses, and consumers. Like the U.S. dollar, bitcoins are a medium of exchange, but unlike the U.S. dollar, they do not possess physical form, are not legal tender, and are not backed by a government. Overstock.com, Inc. (OSTK) is an online retailer based in Midvale, Utah, that accepts bitcoins as a form of payment. Instructions Answer the following and remember to include proper citations when necessary.

Has FASB (Financial Accounting Standards Board) or GAAP (Generally Accepted Accounting Principles) issued guidance in this area?

How should Overstock.com report its bitcoin holdings in its financial statements?

How should Overstock.com value its bitcoin holdings?