A policy research organization is warning Microsoft that it may face legal challenges from shareholders should it decide against investing in Bitcoin
The National Center for Public Policy Research (NCPPR) is behind a proposal urging Microsoft to explore the option of investing in Bitcoin. In an upcoming shareholder meeting this December, investors will vote on whether Microsoft should add Bitcoin to its investment portfolio.
Ethan Peck, deputy director of the NCPPR's Free Enterprise Project, said that if Microsoft openly concludes that investing in Bitcoin isn't beneficial for shareholders and Bitcoin's value rises, they might have legal grounds to sue the company.
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While Microsoft's board recommends that shareholders oppose the proposal—citing that they already consider a wide array of investment assets, including Bitcoin—the initiative has nonetheless sparked important conversations. Peck noted that, regardless of the proposal's outcome, Bitcoin supporters have made a huge impact over the past week by pushing Microsoft to seriously consider the issue.
The NCPPR initially highlighted MicroStrategy's success with Bitcoin investments in its pitch to Microsoft. The research center pointed out that MicroStrategy has outperformed Microsoft by over 300% this year despite having less business volume.
According to BitDegree data, the price of Bitcoin stands at $68,668.22—a 0.24% increase over the past day and a 3.17% decrease over the past week.
This situation illustrates the growing influence of crypto in corporate finance and the increasing demands from shareholders for companies to consider investing in digital assets.
In other news, Florida's Chief Financial Officer, Jimmy Patronis, is advocating for the inclusion of Bitcoin in the state's retirement fund investments.
