The allure of a corporate treasury full of cryptocurrencies is tempting the National Center for Public Policy Research (NCPPR) once again. This time, the group put Meta Platforms Inc. In its crosshairs.
National Center staffer Ethan Beck has submitted a Bitcoin treasury shareholder proposal to Meta on behalf of his family, marking another attempt to bring the cryptocurrency onto the boards of the tech giants.
Tim Gottesman, Bitcoin (Bitcoin) podcast host, shared the proposal on January 10 via a social media post. see below.
Will corporate treasuries become strongholds for cryptocurrencies?
Based in Washington, D.C., NCPPR has been promoting Bitcoin as a hedge against inflation and economic turmoil. They have already reached out to Microsoft Corp. and Amazon.com Inc. With similar offers.
Redmond, Washington-based Microsoft nothing The idea, but Seattle-based Amazon will do it It is said Consideration at the April shareholders meeting.
NCPPR appears to be taking a page from Michael Saylor's playbook. Saylor, as former CEO and current president of MicroStrategy, placed It is a Bitcoin-intensive institutional strategy that has emerged as a model for corporate coffers full of cryptocurrencies.
If NCPPR succeeds in achieving its goal, Meta and Amazon, like MicroStrategy, will allocate a portion of their assets to Bitcoin. Why? They see it as an alternative to fading corporate bonds due to fixed supply.
Also, Bitcoin ETFs, or exchange-traded funds, rose 100% by the end of 2024. That's four times the returns of the S&P 500 and 35% higher than the Roundhill Magnificent Seven ETF, which tracks the Magnificent Seven tech giants (among them Meta, Microsoft, and Amazon).
Then there's MicroStrategy, which saw its stock swell by 2,191% over five years.
Remember Libra? no? good.
Meta attempted to launch its own cryptocurrency, Libra, in 2019 when the company was known as Facebook. The project aims to create a global stablecoin backed by a basket of fiat currencies and government securities.
Libra was intended to facilitate low-cost and seamless transactions around the world, especially for unbanked populations. However, the initiative has faced significant regulatory opposition from lawmakers and financial authorities globally, who have raised concerns about monetary sovereignty, data privacy, and potential misuse for illicit activities.
The project was renamed Diem in 2020, focusing solely on USD-backed stablecoins. Meta has courted Visa, Mastercard, and PayPal to be partners, but they... withdraw supports.
By early 2022, Meta sold Diem to Silvergate Bank for about $200 million.
Although the Libra/Diem initiative failed, it demonstrated Meta's ambition in the cryptocurrency space.
It remains to be seen whether Meta CEO Mark Zuckerberg and his board will take the NCPPR bait and make Bitcoin their next big move.
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