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Microsoft’s bet on Bitcoin is ruled out. According to the dbnews portal, the Microsoft Board of Shareholders would have voted that they will not evaluate the investment in Bitcoin.
*MICROSOFT SHAREHOLDERS VOTE AGAINST BITCOIN INVESTMENT PROPOSAL, PRELIMINARY VOTES SHOW
Source: DB | Coins: BTC
— db (@tier10k) December 10, 2024
The proposal presented in October by the National Center for Public Policy Research (NCPPR), a pro-free market think tank based in Washington, D.C., suggested allocating between 1% and 5% of the $78 billion in cash and tradable securities from Microsoft to Bitcoin, as a hedging strategy against inflation.
This Tuesday, December 10, during its shareholder meeting, the software company decided not to proceed with the investment in Bitcoin.
By the way, Amazon is the next to review this option. A group of shareholders submitted a proposal to allocate 5% of their treasury assets to Bitcoin. A key decision is expected in the coming weeks.
Microsoft cools Bitcoin enthusiasm on Wall Street
In fact, MicroStrategy CEO Michael Saylor, whose company holds 423,650 Bitcoins, with an investment price of $25.6 billion, had given a three-minute presentation to the Microsoft board and its CEO, Satya Nadella, in an attempt to persuade them to support the proposal.
Actually, during his presentation, Michael Saylor had vehemently defended investment in Bitcoin, ensuring that the company had missed a golden opportunity by not acquiring this Cryptocurrency. According to Saylor, Microsoft could have generated $200 billion worth of capital gains over the past five years if it had invested in Bitcoin instead of opting for dividends and stock buybacks.
Microsoft shareholders, however, did not take the bait, voting against a proposal that would essentially force the tech giant’s Board of Directors to consider purchasing Bitcoin.
“Microsoft has robust and appropriate processes to manage and diversify its corporate treasury for the long-term benefit of shareholders, and this requested public assessment is not necessary.”
Microsoft
Uncertain future for BTC: The company marks a distance
Microsoft’s decision to reject Bitcoin adoption has shaken the crypto world. This move not only marks a milestone in the company’s history, but also raises questions about the future of cryptocurrencies in the business sector.
In closing, the distrust of a technology giant like Microsoft to integrate Bitcoin into its financial strategy is a clear indication that companies continue to be cautious about the volatility and regulation of these digital assets, despite their growing popularity.
I say goodbye with this quote from Michael Saylor: “It is better to board a Bitcoin boat than to stay on a constantly sinking ship.”
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