Microsoft, the American multinational technology powerhouse, has recently captured attention with a submission to the US Securities and Exchange Commission (SEC) that suggests a possible interest in investing in Bitcoin (BTC), the leading cryptocurrency by market capitalization.
Microsoft’s Proposed Bitcoin Investment Faces Board Resistance
In its recent SEC filing, Microsoft suggested an “Evaluation of Investing in Bitcoin,” which will be voted on at the forthcoming shareholder meeting set for December 10.
This date holds significant importance for both the corporation and the wider cryptocurrency landscape, as a favorable result could further reinforce Bitcoin’s rising appeal to traditional companies and financial entities, illustrating its growing acceptance as an investment vehicle.
Nevertheless, the filing indicates that Microsoft’s board of directors is advocating for a vote against the proposal, aligning more closely with the views of Microsoft co-founder Bill Gates, who has expressed skepticism about the cryptocurrency previously.
Concerns Over BTC’s Price Volatility
Gates has routinely pointed out the “dangers” linked to Bitcoin’s volatility, especially for those who lack significant financial resources. He has warned that while Bitcoin might serve as a speculative asset, it might not be appropriate for everyone, particularly for those who cannot afford to incur losses.
In spite of his critiques of Bitcoin, Gates has recognized the potential benefits of digital currencies. He has underscored the need for transparency and regulation within the cryptocurrency sector, highlighting the efforts of the Bill & Melinda Gates Foundation to support digital currency projects that facilitate clear transactions.
As of the latest update, the market’s largest cryptocurrency is priced at $68,540, experiencing a 3% increase over the last 24 hours and nearly a 15% rise in the past two weeks.
Featured image from DALL-E, chart from TradingView.com
