Microsoft is Not Going The MicroStrategy Way as Shareholders Reject Bitcoin Proposal

TL;DR

• Microsoft shareholders voted against adding Bitcoin to the company’s balance sheets.

• The shareholders expressed concerns about Bitcoin’s volatility.

Microsoft Shareholders Vote Against Bitcoin Reserves 

Microsoft shareholders have voted against a proposal to add Bitcoin to the company’s balance sheet during its annual meeting on Tuesday.

The proposal was submitted by the National Center for Public Policy Research (NCPPR), a Washington, D.C.-based pro-free-market think tank. It sought to help corporate entities to diversify profits and enhance shareholder value. The decision to reject the proposal aligns with the Microsoft board’s recommendation.  

This is not the first time Microsoft is coming into close quarters with Bitcoin. In 2014, the company briefly accepted Bitcoin as a payment method before suspending the option in 2016, citing low usage and regulatory uncertainties. 

With yesterday’s decision, Microsoft will not be going the direction of MicroStrategy. Michael Saylor advised Microsoft earlier this month to add Bitcoin to its balance sheet as doing so would enable the company’s value to hit the $5 trillion mark.

MicroStrategy remains one of the largest Bitcoin holders in the world. The company recently acquired 21,550 bitcoins for $2.1 billion, bringing its total Bitcoin holdings to 423,650 bitcoins. Bitcoin is up less than 1% in the last 24 hours and now trades at $98,111 per coin.