Bitcoin: CFOs See It As Risky, Few Companies Buy In

Bitcoin has been on a rollercoaster ride, reaching new heights after the U. S. presidential election. The price of a single Bitcoin hit $100, 000 for the first time. This dramatic increase hasn't gone unnoticed by big-time investors and companies. Michael Saylor, a billionaire Bitcoin investor, tried to persuade Microsoft to invest some of its massive cash reserves into Bitcoin. He's had great success with this strategy for his company, MicroStrategy. Their stock has soared over 400% this year, and they now hold Bitcoin worth over $42 billion. However, Microsoft wasn't convinced. Only 0. 55% of their shareholders supported Saylor's proposal to convert cash flows and debt into Bitcoin. Microsoft and its advisors had recommended against it. A recent survey by CNBC's CFO Council shows that many chief finance officers still view Bitcoin as highly speculative. Only 7% see it as a credible store of value. However, the number of CFOs calling Bitcoin a fraud has dropped significantly over the years. Despite Bitcoin's rise, few non-crypto companies hold it. Tesla is a rare exception. Many companies don't accept cryptocurrency for payments either. Microsoft, though, has been exploring crypto for a while, accepting it as payment since 2014. The incoming Trump administration's pro-crypto stance might shift corporate strategies. President-elect Trump has suggested establishing a national strategic Bitcoin reserve. Saylor continues to push for Bitcoin's adoption, advocating for a U. S. dollar-backed digital currency.