Despite its infamous volatility and lack of regulation, the cryptocurrency sector appears to be attracting attention in the global investment community. By December, software giant Microsoft is expected to finalize its position on adding Bitcoin to its balance sheet. Currently, the company is inviting shareholder feedback to measure support for exploring Bitcoin investment. This development is just a few weeks away from Microsoft’s 2024 Annual Shareholders Meeting.
Washington-based Redmond filed an application with the U.S. Securities and Exchange Commission (SEC) this week revealing the development. The filing shows that the company’s board members have “recommend” voters to vote against Microsoft’s evaluation of Bitcoin investment.
Bitcoin was founded in 2009 by its anonymous creator and is known for its pseudo-name Satoshi Nakamoto. Around October 2009, the price of BTC was USD 0.0009 (approximately Rs 0.076). Over the past 15 years, BTC’s value has hit $73,738 (approximately Rs 6.99 lakh). As of Friday, October 25, BTC was trading at US$67,767 (approximately Rs 56.9 lakh), with a total market capitalization of US$1.34 trillion (approximately Rs 1,12,66.679 lakh).
Despite the large market, Bitcoin is still highly volatile in the transition to macro and microeconomics, bringing significant investment risks. Microsoft’s decision to make stakeholder comments on Bitcoin investments suggests that the cryptocurrency sector is increasingly attracting the interest of institutional investors.
In the past, Microsoft has dabbled in cryptocurrencies and the Web3 space, but has not added bitcoin or any other cryptocurrency to its balance sheet.
In 2022, the company is conducting a search for “Director of Business Development – Cryptocurrency”, which shows it is exploring blockchain technology. In the same year, Microsoft invested in the Consensys blockchain company.
Meanwhile, in 2023, the report shows that Microsoft’s edge browser can see a built-in Ethereum wallet.
In the past, Elon Musk’s Tesla and Micheal Saylor’s micro-strategy have engraved their names in high-priced companies with investments allocated to cryptocurrency.
