Microsoft may advance its Bitcoin investment by December, even though the board is wary of the technology.

In 2009, Bitcoin was established.

The cryptocurrency industry seems to be gaining traction in the international investment community, despite its well-known volatility and lack of regulation. The software behemoth Microsoft is anticipated to make a decision regarding the inclusion of Bitcoin in its balance sheets by December. To determine support for investigating Bitcoin investments, the company is currently soliciting input from shareholders. Only a few weeks remain until Microsoft’s 2024 Annual Shareholder’s Meeting.

The Redmond, Washington-based company submitted a filing to the US Securities and Exchange Commission (SEC) this week that revealed this development. According to the document, the board members of the company have “recommended” that voters reject Microsoft’s assessment of Bitcoin investments.

Bitcoin was founded in 2009 by its anonymous creator, famed by the pseudonym Satoshi Nakamoto. The price of Bitcoin was $0.0009 (about Rs. 0.076) in October 2009. The value of Bitcoin has surpassed $73,738 (about Rs. 69.9 lakh) during the past 15 years. Bitcoin’s market capitalisation was a staggering $1.34 trillion (approximately Rs. 1,12,66,679 crore) as of Friday, October 25, when it was trading at $67,767 (about Rs. 56.9 lakh).

Bitcoin continues to be extremely volatile in the face of macro and microeconomic changes, despite its substantial market presence, which presents significant investment risks. Microsoft’s choice to consult stakeholders about Bitcoin investments shows that institutional investors are becoming more and more interested in the cryptocurrency space.

Microsoft has experimented with Web3 and cryptocurrency in the past, but it has not included Bitcoin or any other cryptocurrency on its balance sheets.

The company was looking into blockchain technology, as shown by its 2022 job search for a “Director of Business Development—Cryptocurrencies.” Microsoft made an investment in the blockchain company ConsenSys that same year.

Meanwhile, in 2023, reports suggested that Microsoft’s Edge browser could see an inbuilt Ethereum wallet.

Michael Saylor’s MicroStrategy and Elon Musk’s Tesla have previously established themselves as highly regarded businesses with cryptocurrency investments.