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Software giant Microsoft has advised its shareholders to vote against a proposal urging the company to consider investing in Bitcoin (BTC).
Microsoft revealed in a statement on October 24 deposit with the United States Securities and Exchange Commission (SEC) that the proposal, titled “Bitcoin Investment Evaluation,” will be put to a vote at its next shareholder meeting on December 10.
The company’s board of directors recommended investors vote against the proposal because the company already evaluates “a wide range of investable assets.”
MicroStrategy outperforms Microsoft by 300% this year
The proposal was made by the National Center for Public Policy Research (NCPPR), which argued that MicroStrategy outperformed Microsoft by 300% this year thanks to its Bitcoin investment strategy.
He added that MicroStrategy was capable of doing this “even though it represents only a fraction of Microsoft’s business.”
Good evening.
It’s official. At the December 10 annual meeting, Microsoft shareholders will vote on “Investing in #Bitcoin‘. Although the Council officially recommends “against” this measure, the meaning is clear: #Bitcoin can no longer be simply ignored by public companies…
– James Lavish (@jameslavish) October 24, 2024
Institutional and corporate adoption of Bitcoin is also increasingly “commonplace” after the launch of spot Bitcoin exchange-traded funds (ETFs) in the United States, NCPPR said.
Despite BTC’s volatility, NCPPR said the leading crypto could still provide a hedge against inflation and corporate bond yields. He added that BTC is a “excellent, if not the best, hedge against inflation. »
“At a minimum, businesses should evaluate the benefits of holding a portion, even just 1% of their assets in Bitcoin,” he said.
Microsoft’s history with Bitcoin
Although Microsoft’s board recommended investors vote against the proposal, the company has explored Bitcoin and its technology in the past. Between 2014 and 2018, the company accepted payment in BTC on its online Xbox store.
However, the firm is now focusing more on artificial intelligence. In 2019, it invested $1 billion in OpenAI, then invested another $10 billion in January 2023.
from Microsoft stock price rose slightly over the past 24 hours to trade at $424.73 as of 2:38 a.m. EST. MicroStrategy’s stock price jumped more than 10% during the same period, after the Bitcoin the price increased slightly during the same period.
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