Grant Cardone Foundation has taken the crypto market by surprise to announce the establishment of a new fund that will combine real estate and crypto. According to the head of the firm, Grant Cardone announced via a X post that the firm will be launching a $1B RealEstate/Crypto hybrid fund.
Interestingly the fund’s establishment comes with respect to MicroStrategy’s Michael Saylor advice.
Grant Cardone Thanks Michael Saylor For Bitcoin Investment Advice
Grant Cardone in his X post extended a thankful note to MicroStrategy’s Michael Saylor for the “great advice”. He also added “Microsoft may not listen but I did! 10 days after our meeting we are launching a $1B RealEstate/Crypto hybrid fund.”
The fund is likely to bring the “best in class Real Estate and the best in Class Crypto” together with an idea to provide “Stability and 10x Returns.”
Founded and run solely for charitable purposes, the Grant Cardone Foundation, Inc. is a tax-exempt nonprofit organization that offers financial literacy training and mentorship to young adults in underprivileged and vulnerable groups.
Grant Cardone’s Move Comes After Microsoft Rejects Fund Allocation For Bitcoin
Grant Cardone’s move comes just after Microsoft had rejected the idea of investing in Bitcoin. As UnoCrypto reported earlier, just 0.55% of Microsoft (MSFT) shareholders supported a plan to allocate 1% of the company’s assets to Bitcoin, a blatant rejection of cryptocurrency integration.
The conservative think tank National Center for Public Policy Research had made the proposal. As a hedge against inflation, it suggested that Microsoft invest $780 million, or 1% of its $78 billion in cash and marketable securities, in Bitcoin.
The measure’s proponents contended that Bitcoin’s 21 million coin limit provides protection against the depreciating value of fiat money.
Michael Saylor’s Push For Microsoft’s Bitcoin Investment
Michael Saylor of MicroStrategy, a well-known supporter of Bitcoin, had also pushed for the proposal at the last minute despite the board’s opposition. Saylor argued that the cryptocurrency could increase shareholder value and cited his company’s success in implementing Bitcoin as a reserve asset.
MicroStrategy has received both praise and criticism for its aggressive Bitcoin acquisitions. Saylor argued that Bitcoin could serve as a hedge against inflationary pressures and a store of value, but his arguments were not persuasive enough to persuade Microsoft’s shareholders.
The proposal was met with overwhelming opposition (99.45%), which highlights the skepticism about Bitcoin’s incorporation into the balance sheets of established tech giants.
Although smaller businesses and specialized players have embraced Bitcoin, the majority of big corporations are still apprehensive, citing market volatility and regulatory uncertainty.