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.
Microsoft’s Potential Bitcoin Investment Faces Board Opposition
In its latest SEC filing, Microsoft proposed an “Assessment of Investing in Bitcoin,” which will be put to a vote at the upcoming shareholder meeting scheduled for December 10.
This date will be significant for both the company and the broader cryptocurrency market, as a positive outcome could further validate Bitcoin’s growing appeal to traditional corporations and financial institutions, and demonstrate its increasing acceptance as an investment asset.
However, the filing also reveals that Microsoft’s board of directors is recommending a vote against the proposal, which is increasingly in line with the views of Microsoft co-founder Bill Gates, who has been openly critical of the cryptocurrency in the past.
BTC’s Volatility Concerns
Gates has frequently highlighted the “risks” associated with Bitcoin’s volatility in the past, particularly for individuals lacking substantial financial resources. He has cautioned that while Bitcoin can be a speculative investment, it 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 advantages of digital currencies. He has previously emphasized the importance of transparency and regulation in the cryptocurrency space, pointing to efforts by the Bill & Melinda Gates Foundation to promote digital currency initiatives that enable transparent transactions.
At the time of writing, the largest cryptocurrency on the market is trading at $68,540, up 3% in the last 24 hours and nearly 15% in the last two weeks time frame.
Featured image from DALL-E, chart from TradingView.com
Source: https://bitcoinist.com/microsoft-weighs-bitcoin-investment-december-10/