Billionaire bitcoin investor Michael Saylor's proposal to have Microsoft invest in bitcoin was rejected by shareholders. The proposal, backed by conservative think tank The Free Enterprise Project, aimed to convert a portion of Microsoft's cash reserves into bitcoin. Despite the cryptocurrency's price surge and growing acceptance in certain sectors, CFOs remain largely skeptical of bitcoin as a store of value.
Billionaire bitcoin investor Michael Saylor , co-founder of MicroStrategy, failed in a recent effort to convince Microsoft to hold crypto on its balance sheet. Despite the cryptocurrency's massive price increase this year and the prospect of a national bitcoin strategic reserve under the Trump administration, few companies hold any for financial reasons or accept as a payment form, according to the Q4 CNBC CFO Council quarterly survey.
Chief financial officers have moderated in their view, with fewer survey respondents calling bitcoin a'fraud' as compared to prior year surveys, but still rejecting the view it is a store of value rather than speculative asset class. to use some of its more than $78.42 billion in cash and cash equivalents on its balance sheet to buy bitcoin.The company's stock price has risen more than 410% this year, with the company holding about 423,650 bitcoins as of Dec. 8, holdings worth upwards of $42.3 billion asto convert cash flows, dividends, buybacks and debt into bitcoin — he was backing conservative think tank The Free Enterprise Project, which submitted the shareholder proposal at Microsoft and has submitted a similar proposal to. Just 0.55% of votes at the company's annual meeting on Dec. 10 supported the plan. Microsoft, as well as proxy advisors Glass Lewis and Institutional Shareholder Services, had all suggested shareholders reject the proposal ahead of the vote.quarterly survey, released Thursday. Asked their view about bitcoin, 78% of respondents to the survey said bitcoin is a highly speculative asset class, while only 7% said it is a credible store of value.But crypto is making some progress among CFOs when it comes to the general level of acceptance. Notably, 11% of CFOs in the Q4 survey said bitcoin is a fraud, a significant decrease compared to previous CNBC CFO Council surveys where that question was asked.In 2017, 28% of CFOs said it was a fraud. In 2021, 19% said it was a fraud when asked the same questio
FINANCE CRYPTOCURRENCY Michael Saylor Bitcoin Microsoft Cryptocurrency Cfos Investment Shareholder Proposal
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