Following Michael Saylor's presentation, Bitcoin touched $98,000. Attention shifts to Microsoft's shareholder vote on adding Bitcoin to the company's balance sheet.
Will Microsoft Shareholders Back Bitcoin?
Major Microsoft shareholders like Vanguard, BlackRock, and Fidelity already have significant cryptocurrency market exposure. If the proposal to incorporate Bitcoin into Microsoft’s balance sheet is approved, it could serve as a historic milestone for the crypto industry. This decision could positively influence BTC’s price and improve shareholder sentiment toward other cryptocurrency investments.
Economic Data's Role
As the Microsoft vote garners attention, key U.S. economic indicators will also play a crucial role in shaping market sentiment. The week begins with the ISM Manufacturing Index release, followed by PMI data on Wednesday. The headline event is the Non-Farm Payrolls report on Friday, which will provide insights into inflation trends and expectations ahead of the Federal Reserve’s December 17–18 meeting.
What's Next for Bitcoin?
Market participants are closely monitoring both Microsoft’s decision and upcoming economic data to gauge whether Bitcoin can achieve its $100,000 year-end target. The convergence of corporate adoption and favorable economic conditions could propel Bitcoin to new heights.
The observed trend of corporate adoption of Bitcoin, combined with economic factors, may lead to significant price dynamics changes by the end of 2024.
