Billionaire Michael Saylor's push for Microsoft to invest in Bitcoin failed as shareholders overwhelmingly rejected the proposal. Despite the cryptocurrency's surge in value, CFOs remain skeptical of Bitcoin as a store of value, viewing it primarily as a speculative asset.
Billionaire bitcoin investor Michael Saylor, co-founder of MicroStrategy, recently failed to convince Microsoft to hold cryptocurrency on its balance sheet. Despite bitcoin'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 it 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' compared to prior year surveys, but still rejecting the view it is a store of value rather than a speculative asset class. Saylor was backing conservative think tank The Free Enterprise Project, which submitted the shareholder proposal at Microsoft and has submitted a similar proposal to other companies. 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. The survey, released Thursday, asked CFOs about their view on bitcoin. 78% of respondents said bitcoin is a highly speculative asset class, while only 7% said it is a credible store of value. However, 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
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