Justin Sun, the founder of the TRON TRX/USD blockchain, threw a jibe on Tuesday at Microsoft’s decision not to consider adding Bitcoin BTC/USD to its reserves, saying that it was motivated due to the leading cryptocurrency’s price not being “high enough.”
What happened: Sun took to X to express his views on the keenly monitored annual meeting of the tech giant. The shareholders voted against a proposal urging the company to study adding Bitcoin to its balance sheet.
“The Bitcoin price is just not high enough for Microsoft to consider it as a reserve,” the cryptocurrency mogul said in what looked like a cheeky dig. “I highly recommend buying it when Bitcoin reaches 1 million USD.
Sun has been one of Bitcoin’s early believers, buying into the asset back in 2013. He remains one of the largest publicly known cryptocurrency investors, boasting a portfolio worth nearly $2 billion, per data from Arkham Intelligence.
Anthony Pompliano, founder and CEO of Professional Capital Management and a Bitcoin advocate, also took potshots at Microsoft’s decision, saying, “Bitcoin doesn’t care about Microsoft, but eventually Microsoft will care about Bitcoin.”
Why It Matters: Microsoft’s board expressed concerns over Bitcoin’s volatility and wanted to maintain its focus on stable and predictable investments.
A proposal in October urged the board to evaluate the benefits of a corporate Bitcoin strategy, one on the lines of Michael Saylor’s MicroStrategy, the biggest corporate holder of the digital asset. In fact, Saylor himself explained the pros of such a move in a 3-minute presentation earlier this month.
Price Action: As of this writing, Bitcoin was trading at $96,148.94, down 1.82% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Wikimedia Commons
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
