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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 on October 24 presentation with the US Securities and Exchange Commission (SEC) that the proposal, titled “bitcoin Investment Assessment,” will be put to a vote at its next shareholder meeting on December 10.
The company's board recommended that investors vote against the proposal because the company already evaluates “a wide range of investable assets.”
MicroStrategy beats Microsoft by 300% this year
The proposal was made by the National Center for Public Policy Research (NCPPR), which argued that MicroStrategy has outperformed Microsoft by 300% this year due to its bitcoin investment strategy.
He added that MicroStrategy was able to do this “despite doing a fraction of Microsoft's business.”
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Good night.
It's official. At the Annual Meeting on December 10, Microsoft shareholders will vote on 'Investing in twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin'. Although the Board officially recommends “against” this measure, the meaning is clear: twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Public companies can no longer simply ignore it…
— James Lavish (@jameslavish) twitter.com/jameslavish/status/1849598011082670387?ref_src=twsrc%5Etfw”>October 24, 2024
Institutional and corporate adoption of bitcoin It is also becoming more “common” following the launch of spot bitcoin ETFs (exchange-traded funds) in the US, the NCPPR said.
Despite btc's volatility, the NCPPR said the leading cryptocurrency could still offer a hedge against inflation and corporate bond yields. He added that btc is a “Excellent, if not the best, inflation protection.”
“At a minimum, companies should evaluate the benefits of holding a portion, even just 1%, of their assets in bitcoin,” he said.
Microsoft's history with bitcoin
Even though Microsoft's board of directors 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 in your online Xbox store.
However, the firm is now more focused on artificial intelligence. In 2019, it invested $1 billion in OpenAI and then invested another $10 billion in January 2023.
Microsoft x&ved=2ahUKEwi4mK-J9qiJAxVUW0EAHVbROEoQ3ecFegQIPhAf”>share price rose slightly in the last 24 hours to trade at $424.73 at 2:38 am EST. MicroStrategy's share price rose more than 10% during the same period, after the bitcoin/”>bitcoin The price rose during the same period.
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