Microsoft Could Invest Over $100 Billion In Bitcoin If This Happens
As Bitcoin continues to play hide-and-seek with its major $100,000 valuation, tech giant Microsoft is all set to vote on investing in it, according to a filing with the US Securities and Exchange Commission (SEC). The largest cryptocurrency by market capitalization was widely regarded as a viral nuisance by many of these serious tech companies until a few years ago. However, developments afterward have forced them to change their stance towards the crypto sector, especially BTC itself.
Shareholders to Decide Investing in Bitcoin
According to a press communique from Microsofts PR firm, the tech companys shareholders are set to vote on a proposal to invest in digital currency on December 10. This is expected to be a major watershed moment for the tech sector and the crypto economy, as it would result in other IT firms following suit.
Even more interesting is that Microsofts board is against specific investments in the digital currency economy. The governing body stated on record that the company has already evaluated and invested in a wide range of assets, including BTC itself. So, there is no need for a specific allocation for it.
Bill Gates Opposes Move
The companys stance is in line with its founder Bill Gates views, who has consistently criticized the digital asset sector over the years.
According to Gates, Bitcoins speculative nature and the environmental challenges it poses make it a less compelling financial instrument. However, the shareholders may not see it this way and can vote to overrule the board and Gates himself, who owns a large chunk of the company.
$100 Billion into Bitcoin?
If Microsoft decides to invest in Bitcoin, it could propel the crypto economy upwards even more. According to the latest filings, the company behind Windows and Office software has cash reserves and liquid assets worth over $78 billion. A large chunk of this money could end up in Bitcoin.
The firms involvement may cause a snowball effect in the IT industry, potentially pouring hundreds of billions of dollars into this economy. Michael Saylor and Microstrategy could be dwarfed soon enough by these big players in the near future.
For traders, 10 December is going to be a major event, as they will be crossing their fingers for a positive outcome. In that scenario, expect the top crypto to make a solid move above $100k.
Read more: https://zycrypto.com/microsoft-could-invest-over-100-billion-in-bitcoin-if-this-happens/
Text source: ZyCrypto
