From Wall Street to Washington: The Battle to Turn Bitcoin Into a National Reserve

Despite the significant increase in the market value of Bitcoin and the growing attention from the political world, the business world in general remains cautious about integrating cryptocurrencies into their financial strategies. This caution is demonstrated by the recent failure of Michael Saylor, a famous Bitcoin investor and co-founder of MicroStrategy, in convincing Microsoft to allocate a significant portion of its cash reserves to Bitcoin. Saylor's proposal received very little support, with only 0.55% of the votes in favor of this plan at Microsoft's annual meeting on December 10th. The skepticism among chief financial officers (CFOs) about Bitcoin is further highlighted in the latest quarterly survey of the CNBC CFO Council. The survey, which includes responses from 27 CFOs from various fields, conducted from December 9th to December 16th, shows the prevailing view of Bitcoin as a highly speculative asset. 78% of those surveyed classify Bitcoin according to this terminology, while only 7% see it as a reliable store of value. Interestingly, the perception of Bitcoin as a fraud has decreased over the years; 11% of CFOs see it as fraud in the latest survey, down from 28% in 2017 and 19% in 2021. This cautious approach is not limited to perception; it also extends to real financial activities. Most financial directors say their companies neither hold Bitcoin nor accept it as a form of payment. Michael Saylor, not at all hesitant in the face of the company's hesitation, continues to support the potential of Bitcoin. Under his leadership, MicroStrategy has significantly increased its holdings of Bitcoin to about 423,650 units, worth approximately $42.3 billion. This strong strategy is in stark contrast to the company's general hesitation but has led to a 410% increase in the company's stock price this year. MicroStrategy's commitment to Bitcoin goes beyond just investment; the company will join the Nasdaq 100 on December 23, continuing to closely tie its fortunes to the volatile cryptocurrency market. Furthermore, Saylor is advocating for government involvement in cryptocurrencies. He proposes that the United States should take the lead in issuing a type of digital reserve currency, potentially backed by the US dollar. This idea aligns with President-elect Donald Trump's support for cryptocurrencies, including his campaign promise to establish a national strategic Bitcoin reserve fund. DYOR! #Write2Win #Write&Earn $BTC {spot}(BTCUSDT)