The post combines two topics: the role of cash holdings in businesses and bitcoin. Cash holdings are important for businesses as they provide a safety net during times of crisis or unexpected expenses. Companies hold cash for various reasons, including to cover operating needs, as a shock absorber, and for corporate governance and power. The motives for holding cash change as a company ages, with start-ups holding cash to keep the business operating, and mature firms holding cash to find new markets or make once-in-a-lifetime investments. Globally, non-financial service firms hold significant cash balances, with technology firms holding the most cash as a percent of book value. Cash holdings vary by sector, with utilities holding the least cash, and by region, with countries with difficult market access holding more cash. The post also discusses bitcoin, which has received significant attention due to its rapid rise in price and connections to the digital age. However, the author believes it is a terrible idea for most companies to put their cash balances into bitcoin, as they cannot be trusted to time trades correctly. A small subset of companies may benefit from holding bitcoin, but only with proper disclosure and governance.