- Michael Saylor’s proposal for Microsoft to invest in Bitcoin fails with only 0.55% support at annual meeting.
- CNBC CFO Council survey reveals 78% of CFOs view Bitcoin as speculative; only 7% see it as a store of value.
- MicroStrategy’s aggressive Bitcoin acquisition boosts its holdings to 423,650 bitcoins, valued at roughly $42.3 billion.
Despite a significant surge in Bitcoin’s market value and growing political attention, the broader corporate world remains cautious about integrating cryptocurrency into their financial strategies.
This wariness is evidenced by the recent failure of Michael Saylor, a well-known Bitcoin investor and co-founder of MicroStrategy, to persuade Microsoft to allocate a portion of its substantial cash reserves to Bitcoin.
Saylor’s proposal received minimal support, with only 0.55% of votes favoring the plan during Microsoft’s annual meeting on December 10.
The skepticism among chief financial officers (CFOs) towards Bitcoin is further highlighted in the latest CNBC CFO Council quarterly survey. The survey, which includes responses from 27 CFOs from various sectors conducted between December 9 and December 16, reveals a predominant view of Bitcoin as a highly speculative asset.
A 78% of respondents categorized Bitcoin under this term, while only 7% regarded it as a credible store of value. Interestingly, perceptions of Bitcoin as fraudulent have decreased over the years; 11% of CFOs labeled it as a fraud in the latest survey, a drop from 28% in 2017 and 19% in 2021.
This cautious stance is not limited to perceptions alone; it extends to practical financial operations. The overwhelming majority of CFOs indicated that their companies neither hold Bitcoin nor accept it as a form of payment.
Michael Saylor, undeterred by corporate hesitance, continues to champion Bitcoin’s potential. MicroStrategy, under his leadership, has significantly increased its Bitcoin holdings to about 423,650 units, valued at approximately $42.3 billion.
This aggressive strategy contrasts sharply with the broader corporate hesitance but has resulted in a 410% increase in the company’s stock price this year. MicroStrategy’s commitment to Bitcoin extends beyond mere investment; the company is set to join the Nasdaq 100 on December 23, further entwining its fortunes with the volatile cryptocurrency market.
Moreover, Saylor is advocating for strategic governmental engagement with cryptocurrency. He proposes that the United States should lead in issuing a digital reserve currency, potentially backed by the U.S. dollar.
The idea aligns with President-elect Donald Trump’s supportive stance on crypto, including his campaign promise to establish a national strategic Bitcoin reserve.
The post From Wall Street to Washington: The Fight to Make Bitcoin a National Reserve appeared first on ETHNews.
