Bitcoin adoption unshaken despite Microsoft’s decision

The Bitcoin adoption wave appears unshaken by Microsoft’s shareholders’ decision not the add the asset to its portfolio when they met as scheduled on December 10. Before the meeting, there was little optimism for a Bitcoin victory. The board of directors had already decided against adding the asset to the company’s balance sheet.

If the proposal had been approved, it would have immediately sparked another wave of momentum for the asset. Aside from the asset seeing a likely surge in price, it would have also started another buying spree, one led by corporations this time.

The surge would have also BTC, which is still sustaining a Trump-fuelled run to greater heights, creating a batch of new millionaires among the elites and retail traders alike.

A new Bitcoin buying spree is on the horizon 

All indications point to a renewed Bitcoin buying spree in the crypto industry. With Microsoft deciding against the asset, firms and retailers are stepping up. According to the think tank in charge of Microsoft’s proposal The National Center for Public Policy Research, the next company that is thinking about adding BTC to its balance sheet is Amazon. Amazon shareholders have scheduled an April meeting to vote on a Bitcoin proposal.

The shareholders will vote on a proposal similar to Microsoft’s, requesting the company to consider BTC as a treasury asset. With BTC above the $100,000 mark and the regulatory clarity the Trump administration promised the crypto industry, other companies might be looking to follow in this direction.

With more shareholders also seeing the potential of the asset, they might be forced to call for a consensus to vote on their firms adopting Bitcoin. If the firms refuse, it could lead to backlash from shareholders and the public. It would be a case of shareholders urging the companies to invest in an asset that they approve. This will mean more firms may gravitate toward Bitcoin to boost shareholder value, a win for the cryptocurrency.

Presently, the largest publicly traded companies holding Bitcoin have some affiliation with Bitcoin, including Coinbase Global and Microstrategy. Although there is an exception like in the case of Tesla. Most of them are buying Bitcoin because they need to, with Coinbase Global a typical example. The firm has an exchange where people buy and sell the asset.

Effect on investors and BTC’s broader outlook 

While Microsoft’s decision is a setback in the wider adoption push, investors are hoping for a new set of corporations to push Bitcoin forward. For that to happen, the people outside the crypto industry need to see the asset as secure and worthy of long-term investment.

In terms of profit, investors need a renewed surge of shareholder activism for Bitcoin adoption to recoup huge profits from the asset.

In a recent talk held by the National Center for Public Policy Research, the think tank chose Microstrategy CEO Michael Saylor to give a talk on why Microsoft needs to buy Bitcoin. In his speech, Saylor said that if Microsoft could purchase $100 million in BTC every year, it would push the market cap of the company to trillions.

Meanwhile, there is a stronger argument for holding Bitcoin, as individual investors are still supporting the asset. With support from Wall Street and, very soon, the White House, hope is on the horizon.

A notable purchase by one of the tech titans in Silicon Valley could set off another buying spree. While Microsoft may have dashed investors’ hopes by refusing to make a statement by voting for Bitcoin, Amazon will have its opportunity soon. 

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