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Cryptocurrency News Articles
Microsoft’s Potential Bitcoin Investment Faces Board Opposition
Oct 25, 2024 at 05:59 am
American multinational technology giant Microsoft has recently made headlines with a filing to the US Securities and Exchange Commission (SEC), indicating a potential interest in investing in Bitcoin (BTC), the largest cryptocurrency by market capitalization.
American multinational technology giant Microsoft has recently filed a document with the US Securities and Exchange Commission (SEC) that will be of interest to shareholders and the cryptocurrency community.
The filing indicates Microsoft's potential interest in investing in Bitcoin (BTC), the largest cryptocurrency by market capitalization.
Specifically, Microsoft's board of directors is proposing an "Assessment of Investing in Bitcoin" for a vote at the upcoming shareholder meeting, which is scheduled to take place on December 10.
This matter will be up for discussion and a vote among shareholders, and the outcome could have implications for both the company and the broader cryptocurrency market.
If approved, this move by Microsoft would be a significant development, further highlighting the growing appeal of Bitcoin and other cryptocurrencies to traditional corporations and financial institutions.
Institutions are increasingly considering and engaging with this new asset class, demonstrating its expanding acceptance and recognition as an investment asset.
However, it's also worth noting that the filing reveals that Microsoft's board of directors is recommending a vote against the proposal to assess investing in Bitcoin.
This recommendation aligns with the views of Microsoft co-founder Bill Gates, who has been critical of cryptocurrency in the past. Gates' opposition is largely driven by concerns over the volatility and risks associated with Bitcoin, especially for individuals with limited financial resources.
Gates has highlighted the "danger" of Bitcoin's volatility in the past, particularly for those who stand to lose a substantial portion of their income if the cryptocurrency experiences a downturn.
According to Gates, Bitcoin can be viewed as a speculative investment but may not be suitable for everyone, especially those who cannot afford to lose their investments.
Despite his reservations about Bitcoin, Gates has acknowledged the potential benefits of digital currencies and highlighted the efforts of the Bill & Melinda Gates Foundation in promoting digital currency initiatives.
These initiatives focus on enabling transparent transactions and leveraging digital currencies for financial inclusion and development.
At the time of writing, BTC is trading at $68,540, showing a 3% gain in the last 24 hours and a nearly 15% increase in the last two weeks.
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The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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