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
Preliminary votes have shown that Microsoft shareholders voted against the Bitcoin investment proposal. If passed, the proposal would have allowed the top US company to diversify some of its assets to Bitcoin and hold the flagship crypto on its balance sheet.
With this development, the company will unlikely adopt Bitcoin anytime soon. 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.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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