The National Center for Public Policy Research (NCPPR) is once again captivated by the prospect of a corporate treasury overflowing with cryptocurrency. This time, their target is Meta Platforms Inc.
Ethan Peck, an employee of the National Center, has submitted a Bitcoin Treasury Shareholder Proposal to Meta on behalf of his family’s holdings, furthering the push to introduce cryptocurrency into the boardrooms of major tech firms.
Tim Jotzman, a host of a Bitcoin (BTC) podcast, highlighted the proposal on January 10 through a social media post. Check it out below.
Are corporate treasuries evolving into crypto bastions?
Headquartered in Washington, D.C., the NCPPR has been advocating for Bitcoin as a safeguard against inflation and economic instability. They have already made similar proposals to Microsoft Corp. and Amazon.com Inc.
While Microsoft, located in Redmond, Washington, rejected the proposal, Amazon, based in Seattle, is expected to consider it at an upcoming shareholder meeting in April.
NCPPR appears to be inspired by Michael Saylor’s approach. As the former CEO and current chair of MicroStrategy, Saylor has developed a corporate strategy heavily focused on Bitcoin and has become a prominent figure for companies adopting cryptocurrency in their treasuries.
If NCPPR succeeds, both Meta and Amazon could follow in MicroStrategy’s footsteps by allocating a portion of their assets to Bitcoin. The reasoning? They view Bitcoin as a better alternative to lackluster corporate bonds due to its fixed supply.
Additionally, Bitcoin ETFs, or exchange-traded funds, soared by 100% by the end of 2024. This outperformed the returns of the S&P 500 index by four times and exceeded the Roundhill Magnificent Seven ETF, which includes the top seven tech giants, including Meta, Microsoft, and Amazon, by 35%.
Moreover, MicroStrategy’s stock has seen an astounding increase of 2,191% over the past five years.
Remember Libra? No? Good.
Meta attempted to introduce its own digital currency, Libra, back in 2019 when it was still known as Facebook. This initiative aimed to develop a global stablecoin supported by a mix of fiat currencies and government bonds.
Libra’s purpose was to enable affordable and seamless transactions on a global scale, particularly benefiting the unbanked demographic. However, the project encountered substantial regulatory scrutiny from lawmakers and financial authorities worldwide, who voiced concerns about monetary sovereignty, data privacy, and potential misuse for illegal activities.
The project was rebranded as Diem in 2020, shifting its focus to U.S. dollar-backed stablecoins. Meta sought partnerships with Visa, Mastercard, and PayPal, but those companies ultimately withdrew their support.
By early 2022, Meta sold Diem to Silvergate Bank for approximately $200 million.
Despite the failure of the Libra/Diem initiative, it showcased Meta’s ambition within the digital currency realm.
Whether Meta CEO Mark Zuckerberg and his board will accept the NCPPR’s proposal and make Bitcoin their next strategic move remains to be seen.
