As a seasoned crypto investor with over a decade of experience under my belt, I find myself intrigued by the latest developments unfolding in the world of Bitcoin and corporate adoption. The impending vote among Microsoft shareholders to consider adding Bitcoin to their balance sheet is a significant step towards mainstream acceptance of digital assets.
As a crypto investor, I’ve noticed that Bitcoin ($BTC) has been holding steady in the neighborhood of $100,000 for close to three weeks now, but the real question on my mind is: Could Microsoft and Amazon soon join the ranks of companies considering adding Bitcoin to their balance sheets?
Microsoft shareholders vote on Tuesday
On Tuesday, Microsoft shareholders will cast their votes on a proposition concerning the incorporation of Bitcoin into the company’s financial records. Given Bitcoin’s significant price growth over the past couple of years, and major entities like Blackrock purchasing Bitcoin aggressively for the last eleven months, it could be inferred that Microsoft shareholders would also show interest in exploring this burgeoning realm of reliable digital currency.
In essence, it’s a significant leap for a tech giant like Microsoft to consider investing its vast reserves in Bitcoin, given that the company’s board of directors have advised shareholders against such a move.
As a crypto investor, I found it intriguing that Michael Saylor, the Chairman of MicroStrategy – a company with the most significant Bitcoin holdings among corporate treasuries – successfully persuaded the Microsoft board to screen a concise 3-minute video highlighting the benefits of incorporating Bitcoin into their treasury, during their shareholder meeting on Tuesday.
Instead of releasing the video immediately, Saylor thought that three minutes might be too brief for a significant decision, so he chose to distribute the video on social platforms. This way, shareholders could view it at their convenience and fully understand its contents prior to casting their votes.
Amazon shareholders say board has a fiduciary responsibility
Currently, there’s a call for Amazon’s Board of Directors to expand their treasury holdings by incorporating Bitcoin. This suggestion comes from one of Amazon’s shareholders.
The Amazon board plans to establish a significant stake in Bitcoin, with a minimum holding of 5%. The proposition suggests that while Bitcoin’s volatility is notable, the board feels it is their duty, as fiduciaries, to incorporate Bitcoin into the company’s assets due to its potential for substantial long-term appreciation. This could outperform traditional investments such as bonds.
$BTC correctional phase continues
Currently, the Bitcoin price is experiencing a corrective period. On a short-term scale, the price has recently dropped below the 0.382 Fibonacci level and may continue to fall towards stronger support at the 0.5 Fibonacci. It’s also possible that it could test the top of the triangle again. Additionally, the 0.618 Fibonacci level coincides with a strong horizontal resistance, and this level would be further bolstered by the lower trendline of the triangle, potentially providing extra support.
$96,000 could be the bounce level
By examining a basic Bitcoin chart on a daily scale, it’s evident that there have been three primary horizontal support levels for the recent price movements over the past month or so. At present, the bears are engaged in a struggle with the initial level. If this line is breached, the price could potentially drop to the second, more robust level. This level stands out because it aligns with the 0.618 Fibonacci ratio.
If we consider the rising trendline, the point where it intersects the mid-level support line might be an ideal spot for the bulls to maintain their position. A rebound at this point could possibly signal the continuation of the uptrend.
If the correction persists further down, the final line at the beach would represent the lowest point among the three horizontal support lines. Beneath this, there could potentially form a new, even lower trough, leading to a more extensive correction.
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2024-12-09 14:03