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Cryptocurrency investor Joe McCann discusses that Bitcoin is an investment or a coin in Cavuto: Coast to Coast.
Microsoft shareholders voted Tuesday against a proposal that would have seen the tech giant explore investing in bitcoin as a way to diversify its assets.
The proposal, put forward through a conservative think tank known as the National Center for Public Policy Research, would have ordered Microsoft’s board of directors to conduct an evaluation to determine whether investing in bitcoin to diversify the balance sheet was in the long-term interest. for shareholders.
Billionaire Michael Saylor, who has invested heavily in bitcoin through his firm MicroStrategy, endorsed the proposal and was a prominent advocate for it.
However, Microsoft’s board of directors publicly opposed the proposal, which it said was unnecessary, because the company already considers a variety of investment options.
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Microsoft shareholders rejected a proposal for the board of directors to make an investment in Bitcoin. (Photo via Cesc Maymo/Getty Images/Getty Images)
Saylor argued in a presentation to Microsoft’s board of directors and CEO Satya Nadella that the company had the choice of holding on to the afterlife or embracing the future with Bitcoin, and said that an investment in cryptocurrencies was necessary to outperform the market. “It’s time for Microsoft to compare its strategic characteristics when it comes to Bitcoin,” Saylor said.
Your presentation, published on business value dollars. It can face the dangers to its shareholders and prosper thanks to the Bitcoin standard.
Microsoft’s board of directors disclosed the proposal in a regulatory filing and outlined their opposition to the proposal, which noted that the company’s management “already carefully considers this topic.”
“Microsoft’s global treasury and investment team evaluates a broad diversity of investable assets to fund Microsoft’s ongoing operations, adding assets that are expected to provide diversification and inflation protection, and mitigate the risk of significant economic losses due to emerging interest rates,” the company wrote in its proxy statement.
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“Previous evaluations have included Bitcoin and other cryptocurrencies among the features considered, and Microsoft continues to monitor cryptocurrency-like trends and developments to determine long-term decision making,” Microsoft added.
“As noted in the proposal itself, volatility is an important factor when comparing cryptocurrency investments for corporate treasury programs that require robust and predictable investments to ensure liquidity and operational financing,” the company said. “Microsoft has physically powerful and adequate processes in place to manage and diversify its corporate treasury over the long term to obtain shareholder benefits and this requested public valuation is not justified. “
Bitcoin crossed the $100,000 threshold for the first time last week, though it has since declined below that level. (Photo illustration by Chesnot/Getty Images / Getty Images)
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Microsoft will publish the effects of the vote on Bitcoin investing in an 8-K filing.
Bitcoin surpassed the $100,000 threshold for the first time last week on Wednesday evening, falling to around $96,000 as of Tuesday afternoon.
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