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Highlights
- Microsoft shareholders voted against the proposal for the company to hold Bitcoin on its balance sheets.
- The company's board already suggested that there was no guarantee that diversifying the company's assets into Bitcoin would boost their portfolio.
- While Microsoft shareholders rejected the proposal, Bitcoin continues to receive acceptance from US President-elect Donald Trump.
Microsoft shareholders have voted against the Bitcoin proposal to allocate some of the company’s cash reserves to the flagship crypto. This undoubtedly presents a huge blow to Bitcoin’s adoption among big US corporations.
Microsoft Shareholders Vote Against Bitcoin Proposal
According to a Bloomberg report, Microsoft shareholders voted against a Bitcoin proposal requesting the board conduct an assessment to determine whether diversifying the company’s assets to include Bitcoin would benefit them long-term.
The board had earlier stated that they had evaluated cryptocurrencies and suggested there was no guarantee that these assets would benefit shareholders. According to Bloomberg, proxy advisory firms Glass Lewis and Institutional Shareholder Services agreed, with the former citing expert reports that there was no guarantee that crypto would improve a portfolio’s returns.
These remarks might have influenced these shareholders as they voted against the proposal. Bitcoin advocate Michael Saylor had pitched to these shareholders why they should vote for the company to hold Bitcoin on its balance sheet.
However, Saylor’s pitch wasn’t enough to convince these shareholders, considering the vote against the proposal. While Microsoft opts against buying Bitcoin, other companies like MicroStrategy are actively accumulating the flagship crypto. Saylor’s company recently bought 21,550 BTC for $2.1 billion.
Meanwhile, Amazon could soon be in the same position as Microsoft, where its shareholders would have to vote on whether to adopt Bitcoin on its balance sheet. The National Center for Public Policy Research (NCPPR) has submitted a shareholder proposal for the US retailer to allocate at least 5% of its cash reserves to the flagship crypto.
Bitcoin Receives Embrace Elsewhere
While Microsoft shareholders may have rejected Bitcoin, the flagship crypto has received acceptance from US President-elect Donald Trump. Axios reported that Trump is focused on the Bitcoin price and sees the asset as another stock market.
The report also stated that Trump would love to see Bitcoin hit $150,000 early in his presidency. It is worth mentioning that the president-elect had congratulated Bitcoiners when BTC hit $100,000 earlier this month, highlighting his huge interest in the crypto.
The US president-elect isn’t the only Trump interested in the Bitcoin price. His son, Eric Trump, recently discussed BTC’s future trajectory and predicted that the flagship crypto could eventually reach $1 million.
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