Bitcoin Still Viewed as Highly Speculative Asset by Most CFOs

According to the recently published CNBC CFO Council quarterly survey, 78% of chief financial officers (CFOs) continue to view Bitcoin as a highly speculative investment. 

Unfortunately for Bitcoin advocates, only a minuscule 7% of CFOs view the leading cryptocurrency as a store of value. 

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Despite the fact that the cryptocurrency achieved impressive institutional acceptance milestones this year with the launch of exchange-traded funds (ETFs), 11% of the surveyed CFOs are still convinced that Bitcoin is a fraud. However, this is still significant progress compared to 2017. Back then, nearly a third of all CFOs viewed the largest cryptocurrency as a fraud, according to the same survey. 

In addition, very few CFOs (only 4%) have no view of Bitcoin, which highlights how mainstream the cryptocurrency has become. 

However, corporate Bitcoin adoption remains in its early innings, with very few non-crypto companies having exposure to the leading cryptocurrency. 

Virginia-based business intelligence firm MicroStrategy, of course, remains the top corporate holder of the bellwether cryptocurrency by an enormous margin. Tesla is the only major holder of Bitcoin that is not crypto-native. 

As reported by U.Today, American financier Anthony Scaramucci has predicted that Bitcoin could end up emerging as a store of value by 2026. 

As mentioned above, very few CFOs believe that Bitcoin is capable of performing this role as of now, which explains why corporate adoption is happening at a slower pace than some Bitcoin enthusiasts were expecting. 

Bitcoin’s volatility remains a major concern for a lot of companies that want to hold Bitcoin. 

A recent proposal to assess Bitcoin investment was overwhelmingly rejected by Microsoft shareholders, with more than 99% of them voting against it.