Bitcoin is rejected by Microsoft, but the ship would sail with or without!

Key take aways:

• Microsoft and Bitcoin, have a history!
• A proposal to include Bitcoin on Microsoft’s account was turned down by shareholders

This Tuesday, December 10, at 11:30 a.m. New York time, is the date of Microsoft’s annual shareholders meeting.

Microsoft and Bitcoin, have a history!

Microsoft has a cautious approach to Bitcoin. Due to low usage and regulatory uncertainty, the company suspended Bitcoin as a payment option in 2016 after briefly accepting it in 2014.

Check out what we have found here:

• Forbes: Microsoft Begins Accepting Bitcoin For Purchasing Digital Goods
• CNN: Microsoft begins accepting Bitcoin
• CNBC: Microsoft takes bitcoin—but don’t expect refunds

A major change in approach could be indicated by reevaluating Bitcoin investment at this time, in line with the larger corporate trend toward cryptocurrency adoption.

The results of the vote on December 10 could have a significant impact. Microsoft would join an increasing number of businesses adopting digital assets if it decided to invest in Bitcoin, which might encourage other tech behemoths to do the same.

On the other hand, a rejection could highlight the continued hesitancy in the business sector about cryptocurrency investments.

A proposal to include Bitcoin on Microsoft’s account was turned down by shareholders

At its annual meeting, Microsoft shareholders rejected a plan to investigate including Bitcoin on the company’s balance sheet. As a hedge against inflation, the National Center for Public Policy Research proposed that 1% of Microsoft’s $78 billion in cash and marketable securities be diversified into Bitcoin.

Given Microsoft’s inclination for steady investments and worries about Bitcoin’s volatility, the company’s board had advised shareholders to reject the proposal.

Though Michael Saylor, Executive Chairman of MicroStrategy, presented the proposal to the shareholders in the meeting and tried to support the proposal using various valuable insights, which didn’t seem to have work either.

Following are the screenshots we have taken from his meeting today, to share with our audience:

Source: Microsoft meeting at Microsoft

He further added:

The board remained steadfast in its belief that Microsoft’s investment strategy, which emphasizes steady and risk-free investments, was not compatible with Bitcoin’s volatility. After the announcement, bitcoin fell more than it was the last day.

Read more about cause of recent crypto crash and the lessons learned here!