Amidst fierce opposition from the board of San Francisco-based tech giant Microsoft, a leading conservative think tank says the company should consider Bitcoin as an investment.
Amidst fierce opposition from the board of San Francisco-based tech giant Microsoft, a leading conservative think tank says the company should consider Bitcoin as an investment. According to filings with the U.S. Securities and Exchange Commission ISEC), the National Center for Public Policy Research says it will argue at this year's annual shareholders meeting that Microsoft should look into Bitcoin.
The independent think tank strongly recommends that companies should allocate at least 1% of their total assets to Bitcoin as an asset class, stating that the cryptocurrency is an "excellent, if not the best, hedge against inflation."
However, the board of Microsoft has come out strongly against the proposal, urging shareholders to vote against it at the upcoming meeting. In their statement of opposition, the company mentioned that its present valuation processes have already considered Bitcoin and other cryptocurrencies as alternative investments.
"Past evaluations have included Bitcoin and other cryptocurrencies among the options considered, and Microsoft continues to monitor trends and developments related to cryptocurrencies to inform future decision making," the company said in their SEC filing. They went further to state that the proposed public assessment is "unwarranted," with the volatility of cryptocurrencies being a huge concern for corporate treasury applications that require predictable and stable investments.
Microsoft’s top shareholders include investment giants Vanguard, BlackRock and State Street.
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