DailySun
The National Center for Public Policy Research (NCPPR) is once again captivated by the prospect of a corporate treasury rich in cryptocurrency, this time setting its sights on Meta Platforms Inc.
Ethan Peck, an employee of the National Center, has put forward a Bitcoin Treasury Shareholder Proposal to Meta on behalf of his family, representing another effort to introduce cryptocurrency into the executive discussions of leading tech firms.
On January 10, Tim Jotzman, a podcast host focused on Bitcoin (BTC), publicly shared the proposal through his social media channels. Check it out below.
Could corporate treasuries become crypto hubs?
Headquartered in Washington, D.C., the NCPPR has been promoting Bitcoin as a safeguard against inflation and economic instability. They’ve previously approached Microsoft Corp. and Amazon.com Inc. with analogous proposals.
While Microsoft, based in Redmond, Washington, rejected the proposal, there are reports that Amazon will consider it during its shareholders’ April meeting.
The NCPPR appears to be inspired by Michael Saylor, the former CEO and current chairman of MicroStrategy, who has developed a strategy heavily focused on Bitcoin, becoming a figurehead for corporate treasuries invested in cryptocurrency.
If the NCPPR succeeds, both Meta and Amazon may allocate part of their assets to Bitcoin, much like MicroStrategy, viewing it as a more appealing alternative to uninspiring corporate bonds due to its fixed supply.
Additionally, Bitcoin ETFs, or exchange-traded funds, soared by 100% by the end of 2024, outperforming the S&P 500 index by four times and exceeding the Roundhill Magnificent Seven ETF returns by 35%, which tracks renowned tech firms including Meta, Microsoft, and Amazon.
And then there’s MicroStrategy, whose stock has surged an astounding 2,191% over the last five years.
Forget Libra? Great.
Back in 2019, when Meta was still known as Facebook, the company sought to launch its own digital currency called Libra. The initiative aimed to create a global stablecoin backed by a mix of fiat currencies and government securities.
Libra was designed to enable low-cost, seamless transactions on a worldwide scale, particularly aiding the unbanked demographic. However, it encountered considerable opposition from regulators and financial authorities around the globe, who expressed apprehensions about monetary sovereignty, data privacy, and its potential use in illegal activities.
The project was rebranded as Diem in 2020, narrowing its focus to developing U.S. dollar-backed stablecoins. Meta enlisted the support of Visa, Mastercard, and PayPal as partners, but they eventually withdrew their backing.
In early 2022, Meta sold Diem to Silvergate Bank for approximately $200 million.
While the Libra/Diem effort did not come to fruition, it still showcased Meta’s ambitions in the cryptocurrency domain.
Whether Meta CEO Mark Zuckerberg and his board will entertain the NCPPR’s proposal to make Bitcoin their next focus remains to be seen.
