At Microsoft’s annual meeting today, the shareholders voted against a decision to include Bitcoin (BTC) in the company’s assets.
The proposal was raised by a group called the NCPPR who urges Microsoft to invest only between 1% to 5% of its profits into Bitcoin.
The group thought this would help Microsoft mix things up with its investments. During the meeting, they played a video where the NCPPR argued that Bitcoin could be the next big thing in tech, and Microsoft shouldn’t miss out.
They said Bitcoin could make shareholders more money and lower the risk of their investments. They also mentioned that big investors, like BlackRock (Microsoft’s second-largest shareholder), are already into Bitcoin.
“The institutional and corporate adoption of Bitcoin is becoming more commonplace. Microsoft’s second largest shareholder, BlackRock, offers its clients a Bitcoin ETF.” They cited.
But Microsoft’s board wasn’t sold on the idea. They said adding Bitcoin wasn’t necessary. They pointed out that they already think about Bitcoin and other cryptocurrencies in their investment plans, but they prefer sticking with safer, more stable investments. They also said Bitcoin’s wild price changes make it a risky bet for a company that needs to stay steady.
Even though the board wasn’t initially ready with the proposal, the NCPPR pushed for it anyway, asking Microsoft to really think about it. But in the end, most shareholders voted no, agreeing with the board.
Even Michael Saylor, executive chairman of MicroStrategy (MSTR), tried to convince Microsoft shareholders to back the proposal.
In a short three-minute video presentation, Saylor pointed out Microsoft could have accumulated 200 billion dollars in capital in the last 5 years if it had invested in Bitcoin instead of paying dividends or purchasing its own stocks. Instead, the company’s shareholders decided to listen to the guidance of the board of directors.
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