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Microsoft's consideration of adding Bitcoin to its balance sheet has captured the crypto world's attention. Anthony Pompliano points to the company's dollar stability concerns, suggesting that this bold step could trigger a domino effect of Bitcoin adoption among global tech giants.
Microsoft’s Move Towards Bitcoin Garners Crypto Industry Praise
Several prominent figures in the cryptocurrency sector expressed their delight at the news of Microsoft's planned investment in Bitcoin, pointing to the asset class's increasing popularity as an explanation.
Per Coingape, this would make history as the first Wall Street firm valued at one trillion dollars to include Bitcoin in its financial statements, pending shareholder approval.
Microsoft made a wise decision, according to several crypto industry heavy hitters, because the USD has been losing purchasing power and value.
Pompliano Highlights Microsoft’s Dollar Concerns
Anthony Pompliano, a well-known crypto enthusiast, added that the internet giant should be worried about the viability of its dollar assets in the long run.
Pompliano predicts that digital assets such as Bitcoin will witness a surge in usage as corporations look for secure and long-term ways to hold value. Bitcoin, he continued, is gaining popularity as a digital store of value for people who want to protect their wealth from currency swings.
Growing Appeal of Bitcoin as a Store of Value
He penned:
“Microsoft is interested in storing a portion of their balance sheet in bitcoin because they are realizing they can’t store it in dollars over the long term. The digital store-of-value will continue gaining adoption by those looking to preserve their hard-earned economic value.”
"In inflationary times like these, corporations should – and perhaps have a fiduciary duty to – consider diversifying their balance sheets with assets that appreciate more than bonds, even if those assets are more volatile," the Microsoft proposal even admits.
Michael Saylor Offers Support to Microsoft’s Bitcoin Strategy
Michael Saylor is just one of several market participants and Bitcoin advocates who have offered assistance.
According to Saylor, if Microsoft were to use MicroStrategy's Bitcoin Strategy, he could assist MSFT stockholders in earning an additional trillion dollars.
