Thomas Daniels
The National Center for Public Policy Research (NCPPR) is reigniting the debate over Bitcoin adoption in corporate boardrooms, this time targeting Meta Platforms Inc. with a Bitcoin Treasury Shareholder Proposal. Submitted by NCPPR employee Ethan Peck on behalf of his family, the proposal underscores the growing allure of cryptocurrency as a hedge against economic uncertainty.
Bitcoin as a Corporate Strategy
The NCPPR has previously pitched similar initiatives to tech giants like Microsoft Corp. and Amazon.com Inc. While Microsoft dismissed the idea, Amazon is reportedly set to consider the proposal during its April shareholder meeting. Drawing inspiration from MicroStrategy’s Bitcoin-focused strategy—spearheaded by former CEO Michael Saylor—the group aims to persuade Meta to allocate a portion of its corporate treasury to Bitcoin.
Bitcoin’s appeal lies in its fixed supply, offering an alternative to underperforming corporate bonds. This narrative is further bolstered by Bitcoin exchange-traded funds (ETFs), which delivered a staggering 100% return by the end of 2024, significantly outperforming the S&P 500 and the Roundhill Magnificent Seven ETF, which tracks Meta and other tech leaders.
MicroStrategy’s success story looms large, with the company’s stock surging by 2,191% over five years due to its Bitcoin-heavy treasury strategy. NCPPR envisions similar results for Meta and Amazon if they follow suit.
A Checkered History with Digital Currency
Meta’s relationship with digital assets has been complicated. The company, then known as Facebook, launched the Libra project in 2019 to create a global stablecoin backed by fiat currencies. However, regulatory resistance derailed the initiative, leading to its rebranding as Diem in 2020 and a narrowed focus on U.S. dollar-backed stablecoins. By 2022, Meta sold Diem to Silvergate Bank for $200 million, marking the end of its foray into cryptocurrencies.
Despite this setback, Meta’s past ventures in digital currency signal a latent interest in the space. Whether CEO Mark Zuckerberg and the board will embrace Bitcoin for the company’s treasury remains uncertain, but the proposal has reignited discussion about cryptocurrency’s place in corporate finance.
Crypto Adoption: Risk or Opportunity?
For Meta, adopting Bitcoin would signify a bold move, aligning it with the playbook of early adopters like MicroStrategy. The decision could also reflect broader confidence in Bitcoin’s potential as a financial asset amid market volatility and inflationary pressures. However, given Meta’s regulatory history and the mixed success of corporate Bitcoin adoption, the proposal’s prospects remain unclear.
Whether this push will transform Meta’s treasury into a crypto stronghold or remain a footnote in Bitcoin’s adoption narrative is a question only time will answer.
